Marine Service Technician Week Kicks Off Next Week

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FEATURED INDUSTRY NEWS Marine Service Technician Week Kicks Off Next Week The American Boat & Yacht Council (ABYC) is set to kick off the third annual “International Marine Service Technician Week” from April 22-26, 2024. The week is dedicated to recognizing the exceptional skills and commitment of marine service professionals. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Chair, Vice Chair Suggest Fed Likely To Wait Longer Than Expected To Start Cutting Rates The New York Times reports Federal Reserve Chairman Jerome Powell suggested Tuesday that the central bank is likely to wait longer than expected to begin cutting rates given the stickiness of inflation. Powell said, “The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence.” Bloomberg reports Powell added, “Given the strength of the labor market and progress on inflation so far, it is appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us.”         However, the Wall Street Journal reports Powell “indicated Tuesday the Fed wasn’t considering rate increases,” and “instead...said officials would leave rates at their current level ‘as long as needed’ if inflation proved more stubborn.” The AP says Powell’s remarks “represented a shift,” as he told a Senate committee on March 7 that the Fed was “not far” from having sufficient confidence to cut rates. The Hill also reports on Powell’s remarks.         The Washington Post reports that Powell’s message was “echoed” earlier in the day by Fed Vice Chair Phillip Jefferson, who “said that if upcoming data suggests inflation is ‘more persistent’ than he expects, it would make sense to keep rates higher for longer. Powell and Jefferson did not get specific on the timing of upcoming cuts or exactly how many there will be.” Bloomberg reports Jefferson said, “My baseline outlook continues to be that inflation will decline further, with the policy rate held steady at its current level, and that the labor market will remain strong, with labor demand and supply continuing to rebalance.”         In addition, the AP points out that Jefferson in February “said that should inflation keep slowing, ‘it will likely be appropriate’ for the Fed to cut rates ‘at some point this year’ – language that Powell has also used. Yet that line was excluded from Jefferson’s remarks Tuesday.” US To Create Task Force To Reduce Carbon Emissions From Global Manufacturing Reuters reports White House senior adviser John Podesta on Tuesday announced plans to “create a new trade task force aimed at reducing carbon emissions from global commerce and manufacturing.” Podesta explained that “global trading rules incentivize carbon leakage – when manufacturing-related emissions from a country with stronger climate policies shift to a country with weaker policies.” He “pointed to China, where over half of the world’s aluminum is made,” whose process “produces 60% more emissions than it does in the U.S.” IMF Warns US Economy Is Partly Dependent On Unsustainable Fiscal Policy Bloomberg reports, “The International Monetary Fund leveled an unusually direct criticism at US policymakers Tuesday, saying the country’s recent standout performance among advanced economies was in part driven by an unsustainable fiscal policy.” In the IMF’s World Economic Outlook, it said, “The exceptional recent performance of the United States is certainly impressive and a major driver of global growth,” but, it added, “it reflects strong demand factors as well, including a fiscal stance that is out of line with long-term fiscal sustainability.” That stance, it said, “risks reigniting inflation and undermining long-term fiscal and financial stability around the world.” Treasury Secretary Janet Yellen, adds Bloomberg, “has so far sought to downplay the growing worries.” Previous Top Stories  • Recreational Boating Industry Gears Up For Annual Advocacy Event  • Retails Sales Up 0.7% Last Month, Raising Questions About Fed’s Path Forward On Rate Cuts

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