The Federal Reserve left its benchmark interest rate unchanged at about 4.3% and revised its inflation forecast to 2.7% for this year, up from 2.5%, citing the potential impact of new tariffs. The Fed also adjusted its economic growth projection downward from 2.1% to 1.7%, and it is planning a slowdown in reducing its $6.8 trillion asset portfolio. Fed officials are adopting a cautious stance and pausing further rate changes until there is more clarity on economic conditions.

Martin Supply, a distributor of industrial and safety supplies, has opened a 17,100-square-foot distribution center in Elizabethtown, Ky., to enhance service in Kentucky and southern Indiana. The facility was acquired in October and features office space and high ceilings for enhanced storage capacity and inventory management.

John Gunderson, a seasoned distribution executive, will speak at MDM's SHIFT Conference in May, which will feature more than 20 speakers including distribution executives, consultants and solution providers. Gunderson's "Data Analytics: The Power of Precise Customer Segmentation" session will focus on how to use customer segmentation to drive profitability and growth, and highlight the importance of using data beyond transactional history.

Integrated business planning is crucial for aligning inventory management with broader business strategies, writes Alexander Miltenburg of Oliver Wight Americas, noting how it facilitates cross-functional conversations to balance customer expectations with business targets. Companies can optimize cash flow, enhance customer satisfaction and maintain agility in response to market dynamics by aligning their strategies with inventory policies, Miltenburg writes.

Digital transformation projects often fail because companies buy technology without ensuring it solves their business problems, writes Norman Katz of Katzscan. Companies should focus on purchasing solutions rather than just technology, and resellers should market their products as problem-solving tools, Katz writes.

Immersive reality technologies such as virtual reality and augmented reality are transforming B2B sales by offering unique customer experiences, Shawn Casemore writes. For example, some companies are using VR headsets to provide virtual tours of products, while AR can offer more cost-effective tours, demonstrations or gamification. Immersive reality gives prospects the "chance to fully experience what you're selling before they make an investment, reducing their risk of buyer remorse," Casemore writes.

The Trump administration is actively debating the implementation of a reciprocal tariff plan to equalize US tariffs with those of other nations. The plan aims to introduce individualized rates for each trading partner, moving away from a previously considered three-tier system. The administration faces challenges in customizing rates for hundreds of countries, with the deadline set for April 2.

Hiring employees based on their potential rather than their current skill set can address skills gaps, as these employees are nearly twice as likely to perform effectively, according to a Garnter report. Many organizations are moving too fast to find talent that has these new skills. "This puts more pressure on organizations to build skills internally, but unfortunately, most organizations are not building skills fast enough to fill critical roles," said Gartner's Meaghan Kelly.

Prioritize your organization's greatest asset — your people. NAW's premier education programs, such as the online Management Academy and the in-depth Distribution Leadership Program at THE Ohio State University, are designed to equip your high-potential employees with the skills and insights they need to lead and succeed. Ensure your rising stars are prepared to drive your business forward by investing in their growth today. Learn more about how NAW can help you develop the leaders of tomorrow.

Interested in membership with NAW? Reach out and let us know how we can help you.