Air, cruise travel out of Boston set records
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Officials previously announced that Logan served a record 43 million passengers in calendar year 2024, more than the prior record of 42.5 million set in 2019, before the COVID-19 pandemic disrupted travel patterns. The 43 millionth passenger, Reagan Berry of Boston,
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While demand continues to grow, Massport is also pursuing significant investments in the airport, including
Freni said momentum appears to be continuing through the first two and a half weeks of fiscal year 2026.
'We see strong numbers,' Freni said. 'In fact, we're averaging over the forecast for July.'
High demand was not limited to the skies above Boston. Massport officials also said Thursday that the Flynn Cruiseport served 465,000 passengers in fiscal 2025, 22 percent more than in fiscal 2024 and 5 percent more than the quasi-public agency projected in its budget.
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That, too, was a 'record-breaking fiscal year season,' according to Massport Port Director Lauren Gleason. She added that officials expect a 'strong summer' ahead.
Worcester Regional Airport did not experience a similar trend. Freni said passenger volumes were about 2 percent lower there than the prior fiscal year. His presentation described 'increasing competition from ultra low-cost carriers at alternative airports' as a possible factor.
Massport leaders have been
Conley Terminal, the major marine port in South Boston, ended the fiscal year with about 137,000 containers processed, which Gleason said was 'within 2 percent of our budget.'
'This year faced a number of challenges for our container shipping business,' she said, referencing the closure of the Suez Canal and tariff uncertainty. 'But despite that, our shipping remains strong from over 40 different global weekly connections that we provide through Conley Container Terminal.'
Davey said his team is working to close the books on fiscal year 2025 and plans to present a final update in September, but he forecast that the outlook is 'incredibly healthy.'
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Los Angeles Times
an hour ago
- Los Angeles Times
Trump's Fed battle is not like his other political tussles
President Trump is once again floating the idea of firing Federal Reserve Chair Jerome Powell, ostensibly in objection to excessively high interest rates. But this debate is not about monetary policy. It's a power play aimed at subordinating America's central bank to the fiscal needs of the executive branch and Congress. In other words, we have a textbook case of 'fiscal dominance' on our hands — and that always ends poorly. I'm no cheerleader for Powell. During the COVID-19 pandemic, he enthusiastically backed every stimulus package, regardless of size or purpose, as if these involved no trade-offs. Where were the calls for 'Fed independence' then? And where were the calls for fiscal restraint after the emergency was over? Powell failed to anticipate the worst inflation in four decades and repeated for far too long the absurd claim that it was 'transitory' even as mounting evidence showed otherwise. He blamed supply-side disruptions long after ports had reopened and goods were moving. And as inflation was taking a stubborn hold, Powell delayed raising interest rates — possibly to shield the Biden administration from the fiscal fallout of the debt it was piling on — well past the point when monetary tightening was needed. If this weren't the world of government, where failure can be rewarded — and if there had been a more obvious alternative — Powell wouldn't have been invited back for another term. But he was. And so Trump's pressure campaign to prematurely end Powell's tenure is dangerous. I get why with budget deficits exploding and debt-service costs surging, the president wants lower interest rates. That would make the cost of his own fiscal agenda appear more tolerable. Trump likely believes he's justified because he believes that his tax cuts and deregulation are about to spur huge economic growth. To be sure, some growth will result, though the effects of deregulation will take a while to arrive. But gains could be swamped by the negative consequences of Trump's tariffs and erratic tariff threats. No matter what, the new growth won't lead to enough new tax revenue to escape the need for the government to borrow more. And the more the government borrows, the more intense the pressure on interest rates. One thing is for sure: The pressure Trump and his people are exerting on the Fed is a push for fiscal dominance. The executive branch wants to use the central bank as a tool to accommodate the government's frenzy of reckless borrowing. Such political control of a central bank is a hallmark of failed monetary systems in weak institutional settings. History shows where that always leads: to inflation, economic stagnation and financial instability. So far, Powell is resisting cutting rates, hence the barrage of insults and threat of firing. But now is not the right time to play with fire. Bond yields surged last year as investors reckoned with the scale of U.S. borrowing. They crossed the 5% threshold again recently. Moody's even stripped the government of its prized AAA credit rating. Lower interest rates from the Fed — especially if seen as the result of raw political pressure — could further diminish the allure of U.S. Treasuries. While the Fed can temporally influence interest rates, especially in the short run, it cannot override long-term fears of inflation, economic sluggishness and political manipulation of monetary policy driven by unsustainable fiscal policy. That's where confidence matters, and confidence is eroding. This is why markets are demanding a premium for funds loaned to a government that is now $36 trillion in debt and shows no intention of slowing down. But it could get worse. If the average interest rate on U.S. debt climbs from 3.3% to 5%, interest payments alone could soar from $900 billion to $2 trillion annually. That would make debt service by far the single largest item in the federal budget — more than Medicare, Social Security, the military or any other program readers care about. And because much of this debt rolls over quickly, higher rates hit fast. At the end of the day, the bigger problem isn't Powell's monetary policy. It's the federal government's spending addiction. Trump's call to replace Powell with someone who will cut rates ignores the real math. Lower short-term interest rates will do only so much if looser monetary policy is perceived as a means of masking reckless budget deficits. That would make higher inflation a certainty, not merely a possibility. It might not arrive before the next election, but it will inevitably arrive. There is still time to avoid this cliff. Trump is right to worry about surging debt costs, but he's targeting a symptom. The solution isn't to fire Powell — it's to cure the underlying disease, which is excessive government spending. Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University. This article was produced in collaboration with Creators Syndicate.
USA Today
2 hours ago
- USA Today
Tariffs have worried parents starting back-to-school shopping early
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A challenge for consumers is that unlike two to three years ago, households no longer have a significant savings buffer, he said. The bottom 80% of U.S. households have been actively "dis-saving", or spending more than their discretionary income, since 2022, he said. "Consumers just don't have that buffer anymore to be able to deal with higher prices. So if we see incomes become a bit more challenged in the face of price rises, it's going to be problematic for consumers because they just don't have those savings to fall back on," Mathews said. Full effect of tariffs is still to come The full effects of tariffs have not yet hit, said Mathews. There are some price increases in some categories, but not all, he said. "We know retailers are trying their hardest to keep those back-to-school items in particular as low as possible," he said. Mathews also said historically, it takes a long time for tariff price hikes to work their way to the consumer. "One of the reasons for that is a lot of retailers' shelves remain stocked with pre-tariff imports. We know retailers increased imports dramatically at the start of the year," Mathews said. Additionally, some retailers may be "eating some more of those tariffs than expected," he added. But Mathews said that worries him because as businesses absorb tariff costs instead of passing them on to the consumer, that can lead to wage and job cuts, which then affects the economy. Back-to-school shopping has already begun Early-bird back-to-school shopping has already begun and has increased in July. This year, 26% of back-to-school and college shoppers had already started browsing and buying items by early June, according to a study by the NRF with Prosper Insights & Analytics of back-to-school consumer attitudes and expectations. That was up from 22% last year and 17% in 2019. Shoppers often say they like buying early to spread out their budget and to get early deals and promotions. A big change came in July, Cullen said, when 57% of families shopping for grade-school and college-students said they had begun their shopping. That's up from 55% last year. A big concern, shoppers say, are tariffs. Three-quarters or 74% of those surveyed said they are shopping earlier this year because they are worried tariffs will cause prices to go up later this season. "In June, people felt a little bit more worried about their finances and they decided, 'Hey, maybe I'll just buy what I need and then replenish later in the year,' " said Cullen. "That shifted in July when they felt 'No, I need to stock up and save because things might be much more expensive later in the season or later in the year.' " How much are shoppers expecting to spend on back to school items? According to the NRF, the average K-12 shopper is budgeting $858 this year on average per student, down from $875, while those buying for a college student this year are expected to spend $1,326, down from $1,365 last year. And although average spending is expected to be down, total spending is expected to go up as shoppers prioritize essential categories, said Cullen. Overall back-to-school spending is expected to reach $128 billion this year, up 2% from last year, she said. Still, there are categories shoppers will be pulling back on. The biggest is electronics, Cullen said. While they may spend on the core school items like laptops, tablets and even a smartphone, Cullen said some shoppers are holding off on accessories that may seem more discretionary like headphones or speakers or maybe even game consoles. They may be looking for hand-me-downs from family members, she said. Save money: Back-to-school shopping is tax-free in some states with specific dates. See the full 17-state list. How are back to school shoppers spending differently? Here's some other highlights from the NRF's call: Sales Tax Holidays help save money Shoppers may be able to save some money on their back-to-school shopping if their state has a sales-tax holiday. Seventeen states have designated times in July and August when certain items can be purchased tax-free. Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here.
Yahoo
4 hours ago
- Yahoo
Minnesota Timberwolves, Lynx Sale to A-Rod, Lore Approved by NBA
The NBA Board of Governors unanimously approved the sale of the Minnesota Timberwolves and Minnesota Lynx from Glen Taylor to Marc Lore and Alex Rodriguez, according to an announcement from the NBA. Board approval required at least 23 of the 30 owners to sign off. The deal is expected to close this week. Lore will serve as Timberwolves' governor, with Rodriguez as alternate governor. They will swap roles for the Lynx. More from NBA Playoff Ratings Stay Hot as Knicks Try to Keep the Party Going Napheesa Collier Signs With Jordan Brand After 'Meaningful' MJ Pitch Edwards' NBA Fines Less Than Portis, Embiid Surrendered This Season The approval marks the end of a four-year saga that originated in 2021, when COVID-19 was still a concern. The purchase agreement called for a first payment at a valuation of $1.5 billion, and payments at 4% escalators in three subsequent payments, with Lore and Rodriguez taking control in 2024. The multi-year transaction gave Taylor a few more years to lead the team, as well as time for the buyers to raise money to finance each subsequent transaction, but things blew up in March 2024 when Taylor said the deal was off due to missed deadlines. The following day, the buyers told Sportico that Taylor had breached the terms of their contract. Taylor likely had some seller's remorse as the value of NBA teams doubled since he agreed to sell. In 2024, Minnesota reached the Western Conference finals for the first time since 2004—a 13-year playoff drought followed. The Timberwolves made the final four again in 2025. In February, a three-person arbitration panel ruled 2-1 in favor of Lore and Rodriguez to buy the NBA and WNBA teams. The arbitrators didn't rule that the teams belonged to Rodriguez and Lore. Instead, the panel ruled that the buyers should have another 90 days to continue the four-part transaction, resetting the clock back to where both sides were in early 2024. Rodriguez and Lore owe $942 million for the final two payments, and that money was put into an escrow account held by JPMorgan last October, Sportico previously reported. The purpose of that move was both to signal to the arbitrators that their financing was no longer a concern and to facilitate a smoother closing process when it came time to transfer the money. Lore and Rodriguez were approved as minority owners when the deal was signed in 2021, but the approval process for control owners is more complex and thorough, including an in-depth look at backgrounds, personal finances and fellow investors. Their cap table got a boost with the addition of former New York City mayor Mike Bloomberg and ex-Google CEO Eric Schmidt. Bloomberg is worth $105 billion, according to Forbes, while Schmidt checks in at $23 billion. One of the most pressing issues facing Lore and A-Rod is the future of the Target Center, which opened in 1990 and is the second-oldest arena in the NBA. The buyers have expressed interest in building a new venue. Taylor bought the Timberwolves in 1995 for $89 million and has owned the Lynx since they started playing in 1999. Taylor and his wife Becky posted a 'Thank you, Minnesota' letter on the team's website Tuesday and took out a full-page newspaper ad in the Minnesota Star Tribune, which he also owns, to say his time as owner had 'come to a close' and that it had 'been the honor of our lives.' In December, Sportico valued the Timberwolves at $3.29 billion, which included the 2024 Lynx value and ranked 28th overall in the NBA. In Sportico's latest WNBA team rankings, released Tuesday, the value of the Lynx jumped from $85 million to $240 million. Best of Most Expensive Sports Memorabilia and Collectibles in History The 100 Most Valuable Sports Teams in the World NFL Private Equity Ownership Rules: PE Can Now Own Stakes in Teams
