Outstanding Technician Awards Nomination Deadline Approaching

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FEATURED INDUSTRY NEWS Outstanding Technician Awards Nomination Deadline Approaching Nominations for the American Boat and Yacht Council (ABYC)’s 2024 Outstanding Technician Awards are open through April 8. The Awards are a feature of International Marine Service Technician Week, April 22-26, honoring marine technicians and recognizing their essential contribution to maintaining the safety, reliability, and enjoyment of boating. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Chair Said Fed Still Likely To Cut Rates Later This Year, But More Data Needed The AP reports that Federal Reserve officials “will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.” During a speech at Stanford University, Powell said, “The recent data do not ... materially change the overall picture, which continues to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2% on a sometimes bumpy path.” He added that most Fed officials “see it as likely to be appropriate” to begin cutting rates “at some point this year.”         Still, Reuters reports Powell “continued focusing on the need for more debate and data before interest rates are cut, a move financial markets expect to occur in June.” CNBC reports Powell said, “We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent.” Bloomberg says Powell’s comments “reinforce those he’s made following the March meeting. They also suggest that the Fed is unlikely to reduce rates at their next gathering taking place April 30-May 1.” The Wall Street Journal says Fed officials “are trying to guard against the risk of easing too much or too soon, squandering recent gains in bringing down inflation.”         Meanwhile, Bloomberg reports Atlanta Fed President Raphael Bostic “said it will likely be appropriate to lower interest rates in the fourth quarter, emphasizing the bumpy nature of inflation progress,” and “reiterated his expectation for just one rate cut this year, pointing to the strength of the economy and a slower decline in inflation.” CNBC reports Bostic said, “If the economy evolves as I expect, and that’s going to be seeing continued robustness in GDP, unemployment and a slow decline of inflation through the course of the year, I think it would be appropriate for us to do start moving down at the end of this year, the fourth quarter. We’ll just have to see where the data come in.” Migration Keeping Unemployment High, Despite Job Increases The Wall Street Journal reports that the surge in migration is keeping unemployment high, even as economic data shows job growth in the US. According to the Journal, that would mean that the economy could continue to add jobs, giving the Federal Reserve more room to consider interest-rate cuts.         Meanwhile, Matthew A. Winkler writes at Bloomberg Opinion that Georgia “is booming like it never did before Joe Biden became the 46th president,” with no previous three-year period where “manufacturing payrolls came close to matching the 11.9% increase in jobs since 2021 or its rate of employment gains compared with the US overall.” He argues the data show “the Biden administration’s policies are an unrivaled jobs juggernaut dating back to World War II,” and questions whether Georgia residents will “remember” that during the November election. Major Stock Indices Little Changed After Two Days Of Losses CNBC reports that the Dow Jones Industrial Average “finished its third session in a row in the red. The blue-chip average finished Wednesday down about 0.1%. It has ended every session this week with losses.” CNBC adds, “On the other hand, the S&P 500 and Nasdaq Composite closed higher by about 0.1% and 0.2%, respectively. Wednesday marked the first positive session this week for the S&P 500.” Previous Top Stories  • ABYC And USCG To Host Risk Mitigation Webinar, May 1  • Federal Reserve Officials Signal Receptiveness To Three Rate Cuts In 2023, But Caution It’s Still Early

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