Recreational Boating Industry Gears Up For Annual Advocacy Event

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FEATURED INDUSTRY NEWS Recreational Boating Industry Gears Up For Annual Advocacy Event The recreational boating industry is preparing for its highly anticipated annual advocacy event, the American Boating Congress (ABC), taking place from May 8–10, 2024 in Washington, D.C., where leaders from all segments of the recreational boating and fishing industry are invited to gather in the nation’s capital to address pressing matters that impact the industry. The three-day event will provide attendees with a unique opportunity to engage in crucial discussions with influential members of Congress and staff on Capitol Hill. Read More LEADING ECONOMIC AND POLICY NEWS Retails Sales Up 0.7% Last Month, Raising Questions About Fed’s Path Forward On Rate Cuts CNBC reports the Commerce Department on Monday announced “rising inflation in March didn’t deter consumers, who continued shopping at a more rapid pace than anticipated.” Retail sales were up 0.7% in March, “considerably faster than the Dow Jones consensus forecast for a 0.3% rise, according to Census Bureau data that is adjusted for seasonality but not for inflation.” Bloomberg reports that excluding cars and gasoline, March sales “jumped 1%.”         Reuters reports that the new numbers, “which followed news this month of robust employment gains in March and a pick-up in consumer inflation, bolstered expectations that the Federal Reserve could delay cutting interest rates until September. Some economists see the window for lowering rates this year closing.” Similarly, the AP says that data from earlier in the month combined with the retail sales numbers “will likely delay a cut by the Federal Reserve to interest rates that many had anticipated at the next meeting of the U.S. Federal Reserve’s monetary policy-making arm in a couple of weeks.” San Francisco Federal Reserve President Sees No Urgency To Cut Rates Bloomberg reports San Francisco Fed President Mary Daly “reiterated there’s no urgency to adjust interest rates, pointing to solid economic growth, a strong labor market and still-elevated inflation.” Saying that monetary policy is in a “good place,” she “said she needs to be confident inflation is heading toward the Fed’s 2% target before reacting.”         UBS Sees Possible Federal Reserve Rate Hike This Year Bloomberg reports that the “combination of strong US growth and sticky inflation is raising the odds the Federal Reserve hikes rather than cuts interest rates, bringing borrowing costs to as high as 6.5% next year, according to UBS Group AG strategists.” Americans’ Personal Savings Rate Falls To Lowest Level In Over A Year CNN reports the personal savings rate of Americans fell to 3.6% in February, the lowest level in over a year. The falling saving rate “may just be a continuation of a long-term trend: Americans ‘have consistently saved less in the aftermath of each recession than they did in the prior cycle,’ according to an analysis from Wells Fargo economists released Thursday.” Speaking with CNN, Shannon Seery Grein, Wells Fargo economist and one of the authors of the report, said, “It is somewhat worrisome that households are not saving at the same rate they have historically because they technically won’t have as much at their fingertips come a downturn or a shock that hits the household sector.” WSJournal Backs Republican Approach To Tax Cuts In an editorial, the Wall Street Journal highlights a growing split on how to lower taxes, with Democrats pushing for targeted cuts while Republicans aim to cut taxes across the board. The Journal backs the Republican approach, arguing that it has been very successful in states like North Carolina. Previous Top Stories  • Connect Your Business With The Global Marine Market, Exhibit In U.S.A. Pavilion  • Bloomberg Report: Increase In US, Chinese Manufacturing Brings End To Global Manufacturing Slump

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