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Operator: Good morning, everyone. And welcome to The Marcus Corporation First Quarter Earnings Conference Call. My name is Lauren, and I will be your operator for today [Operator Instructions]. ....
While the U.S. economy continues to expand and is currently a major driver of global growth, inflation has recently ticked up after falling considerably from a peak of 9.1% nearly two years ago. Many now perceive that in the near term, the U.S. Federal Reserve will not reduce borrowing costs, and some anticipate a resumption of raising rates by early 2025. Unless a severe economic downturn occurs, interest rates are likely to remain relatively elevated for an extended period. A tight labor market and strong household net worth has led to remarkable resilience in U.S. consumer spending as Americans continue to enjoy experiences and travel. With this said, modest employment growth is anticipated as companies in certain industries are reducing headcounts while others are scaling back hiring. ....
Under the management of Marcus Hotels & Resorts, the former Loews Minneapolis Hotel was rebranded as The Lofton Hotel under the Tapestry Collection by Hilton flag, making it the first Tapestry Collection hotel in Minnesota. Plus, in late February, the Bloomington Minnesota CVB revealed it will adopt a new name and brand expression in strategic phases over the next several months. ....