Baltimore Bridge Collapse in 2024 Could Impact US Economy

The recent collapse of a major bridge in Baltimore has raised concerns about the potential risks to the US economy, particularly in terms of its impact on shipping networks. At a speech at Washington University in St. Louis, US Federal Reserve Board Governor Adriana Kugler acknowledged that while shipping networks seem to be adapting, there may still be some risks to consider.

Kugler highlighted the potential for both upside and downside risks in the economy. She noted that global developments, such as conflicts in Europe and the Middle East, could lead to disruptions in commodity prices and shipping networks. The recent bridge collapse in Baltimore and its effects on the Port of Baltimore may also pose a risk, although it appears that shipping networks are adapting to the situation.

One potential risk identified by Kugler is the possibility of stronger-than-expected consumption growth, driven by wage gains across all income groups. This could impact the overall outlook for economic activity in the US.

The collapse of the bridge occurred in the early hours of March 26 when a commercial Singapore-flagged cargo ship struck the Francis Scott Key Bridge in Baltimore. The incident resulted in the collapse of the bridge and led to at least eight people from a construction crew working on the bridge falling into the water. As a result, ship traffic in the Port of Baltimore was suspended, causing significant disruptions to the supply chain.

In light of these risks and developments, it will be important for policymakers and businesses to closely monitor

By Sophia Gonzalez

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