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FEATURED INDUSTRY NEWS Register Today For NMMA’s Webinar On What To Expect At This Year’s American Boating Congress The 2024 American Boating Congress (ABC), the industry’s annual advocacy event, is just a few weeks away May 8-10. Ahead of the conference in Washington, D.C., the NMMA team is hosting a webinar on Tuesday, April 23, at 2:00 p.m. ET. Please join NMMA to learn more about this year’s ABC programming and the industry’s top policy priorities: boating access, infrastructure, tariffs, and sustainability. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Officials Suggest Interest Rate Cuts Will Come Slower Bloomberg reported, “A string of disappointing inflation data has forced the Federal Reserve to reset the clock on its first interest-rate cut” as Chair Jerome Powell “cemented that message this week when he said it’s likely going to take ‘longer than expected’ to gain the confidence needed to lower rates.” Meanwhile, “Fed officials are increasingly voicing concern high borrowing costs may not be doing enough work to rein in demand.” New York Fed President John Williams, Boston Fed President Susan Collins, and Fed Governor Michelle Bowman have all suggested that higher rates may be necessary, while others such as Cleveland Fed President Loretta Mester have said that the long-run rate may have to be higher than had been anticipated. A Bloomberg survey of economists found that most “expect two cuts this year, down from three forecast in March.” Federal Reserve’s Favored Inflation Gauge Expected To Remain “Elevated” For March Bloomberg previewed upcoming figures for the personal consumption expenditures price index, which “probably stayed elevated in March,” meaning that “Federal Reserve officials are about to get further confirmation that progress against inflation has stalled, supporting what appears to be a shift in tone to keep interest rates higher for longer.” The index “is seen accelerating slightly to 2.6% on an annual basis as energy costs rise,” while “the core metric, which strips out energy and food, is expected to rise 0.3% from the prior month after a similar gain in February.” Bloomberg added that “against a backdrop of healthy job growth, economists project another solid gain in household outlays for goods and services,” and “income growth is also forecast to accelerate.” Port Of Baltimore Establishes Third Temporary Channel The AP reported Baltimore port officials announced on Friday that “a third temporary channel for boats to enter and depart the Port of Baltimore has opened, expanding further shipping access as collapsed sections of the Francis Scott Key Bridge are salvaged before the span can ultimately be rebuilt.” The new channel, “with a controlling depth of 20 feet (6.1 meters), a horizontal clearance of 300 feet (91.4 meters) and a vertical clearance of 135 feet (41.2 meters), allows a greater variety of vessels to access the port while crews work to reopen the main channel,” meaning that “about 15% of pre-collapse commercial activity will resume.” Stock Market Faces Worst Losing Streak Since September Amid Elevated Tensions, Stubborn Inflation The New York Times reported the S&P 500 “fell 0.9 percent on Friday, its sixth consecutive decline,” meaning that US stocks have “suffered their longest losing streak of the year, as geopolitical turmoil rattled Wall Street and investors slashed their bets on the Federal Reserve cutting interest rates any time soon.” The decline “dragged the S&P 500 down by just over 3 percent for the week, a third straight weekly decline,” and “by that measure, it is the longest weekly losing streak for the index since September.” The Times added that “investors have pulled roughly $21 billion out of funds that invest in U.S. stocks over the two weeks through Wednesday,” compared to “an inflow of around $80 billion for the year through early April.”         The AP called this week “the worst week for big technology stocks since the COVID crash in 2020,” adding that “the market’s worst performers included several stocks that had been its biggest stars.” As a result, the Nasdaq Composite “sank 2%,” while the Dow Jones Industrial Average, “which has less of an emphasis on tech, was an outlier and rose 211 points, or 0.6%.” Previous Top Stories  • Video: NMMA President Talks State Of Recreational Boating, Headwinds And Opportunities  • Federal Reserve Officials In “No Rush” On Rate Cuts

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