Broker Check

Market News & Commentary - From The Desk Of David Loesch 01.05.2023

January 05, 2023
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  • According to former N.Y. Fed President William Dudley, a U.S. economic recession is in the cards because of what the Federal Reserve must do to cool inflation. He does not think it will be a severe slowdown. "A recession is pretty likely just because of what the Fed has to do," he said in an interview on Bloomberg Surveillance Tuesday. "But what's different this time, I think, is that if we have a recession, it's going to be a Fed-induced recession, and the Fed can end the recession by subsequently easing monetary policy."
  • The New York State Gaming Facility Location Board approved a $500 million license fee for each of the three proposed casinos for the New York City area. The three panel members also voted at their meeting Tuesday to approve a minimum $500 million capital investment by the license winners. The board then released a request for applications. The panel members have yet to give a date for a final decision, which will depend on input from community groups and zoning officials.
  • The number of visitors to Las Vegas totaled 3.27 million in November, down 10.3% from October, as “seasonal volume decreases” kicked in, according to the Las Vegas Convention and Visitors Authority. The total number of visitors was down 7% from the same month in pre-pandemic 2019.
  • I believe we will continue to see this trend to where the spending and traveling will be slightly lower than pre-pandemic levels considering inflation this year and how spending money has been decreasing over the last year.
  • Primary market: This week's most significant sale is a $950 million issue for the Triborough Bridge & Tunnel Authority NY. This underwriting is a pretty big issue for N.Y.

 

David Loesch

dloesch@drlgroup.net

www.drlgroup.net

605-B Park Grove

Katy, TX 77450

866.664.4040 (toll-free)

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