NMMA Foundation Awards Captain Fred Gamboa Of Point Pleasant, NJ With The 2024 Hammond Marine Industry Leadership Award

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FEATURED INDUSTRY NEWS NMMA Foundation Awards Captain Fred Gamboa Of Point Pleasant, NJ With The 2024 Hammond Marine Industry Leadership Award Captain Fred Gamboa, a charter boat captain from Point Pleasant, New Jersey, has been awarded the 2024 Hammond Marine Industry Leadership Award by the National Marine Manufacturers Association (NMMA) Foundation for Recreational Boating Safety, Education and Environmental Awareness during the American Boating Congress (ABC) conference. The Hammond Award is given to individuals who help grow and protect the recreational boating industry and have demonstrated dedication to the long-term health of the industry, such as achieving greater sales, stopping unwanted government regulations or seeking needed government regulation, or otherwise helping and benefiting the entire marine industry as distinct from building one’s own company. Read More LEADING ECONOMIC AND POLICY NEWS Surprise Fees Become Ubiquitous In Consumer Bills The Wall Street Journal reports that surprise fees are increasingly common in various industries, significantly affecting consumer experiences and expenses. President Biden has prioritized addressing these “junk fees,” which cost Americans over $90 billion annually. The approach not only raises overall costs but also undermines customer relations and market transparency. Boston Federal Reserve Bank President Says Economy May Need To Cool For Inflation To Reach 2% Mark Reuters reports Boston Federal Reserve Bank President Susan Collins said Wednesday that the US economy needs to cool for inflation to reach the central banks target of 2%. “A slowdown in activity will be needed to ensure that demand is better aligned with supply for inflation to return durably” to the target level, Collins said during remarks delivered at a Massachusetts Institute of Technology event. She added that “the recent upward surprises to activity and inflation suggest the likely need to keep policy at its current level until we have greater confidence that inflation is moving sustainably toward 2%.” At the same time, Collins said that, “overall, policy remains well positioned to respond to incoming information, as we assess the evolving outlook and risks.” NYTimes Analysis: Biden Taking Aim At China’s Trade “Cheating” The New York Times reports that President Biden is “warning that a new surge of cheap Chinese products poses a threat to American factories,” although “there is little sign of one in official trade data, which show that Chinese steel imports are down sharply from last year and that the gap between what the United States sells to China and what it buys is at a post-pandemic low.” Biden aides are “looking past those numbers and fixating on what they call troubling signs from China and Europe.” In a bid “to avoid a similar fate,” Biden “has promised new measures to shield steel mills, automakers and other American companies against what he calls trade ‘cheating’ by Beijing.” IMF Deputy Managing Director: Escalating Cold War Between US, China Would Be A Blow To Global Growth Insider reports, “A more intense cold war between the US and China would have a potentially dire impact on the global economy, according to an official from the International Monetary Fund.” Speaking at Stanford University, IMF deputy managing director Gita Gopinath “said that while US-China tensions haven’t yet devolved into a full-blown cold war, such an escalation would be a major headwind to global growth.” The IMF “predicts that the global economy could incur economic costs equivalent to as much as 7% of the world’s GDP in the worst-case scenario and take a 0.2% hit to growth in milder scenarios.” Stocks Mixed; Treasury Yields Move Slightly Higher CNBC reports that the Dow Jones Industrial Average “climbed on Wednesday, extending its winning streak to six days, as investors shook off some weakness in tech. The Dow added 0.44%, or 172.13 points, to close at 39,056.39.” However, the S&P 500 “inched lower by 0.03 points, closing near the flatline at 5,187.67,” and the Nasdaq Composite “pulled back by 0.18% to end at 16,302.76.” Previous Top Stories  • Members Of Congress To Hear From Recreational Boating And Fishing Advocates Across The U.S. As ABC Kicks Off Today  • Minneapolis Federal Reserve President Suggests Rates May “Need To Go Higher”

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