Broker Check

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

January 05, 2023

  • 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

605-B Park Grove

Katy, TX 77450

866.664.4040 (toll-free)

281.398.8600 (direct)


This report has no regard for the specific investment objectives, financial situation, or needs of any particular recipient. This report is based on information obtained from sources believed to be reliable, but no independent verification has been made, nor is its accuracy or completeness guaranteed. This report is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Opinions expressed herein are subject to change without notice. The division, group, subsidiary, or affiliate of NewEdge Securities, Inc., is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. NewEdge Securities, Inc. accepts no liability for any loss or damage of any kind arising out of the use of this report. Please contact your tax advisor regarding the suitability of tax-exempt investments in your portfolio. Income from municipals may be subject to state and local taxes and the Alternative Minimum Tax. Corporate and Municipal securities are subject to gains/losses based on the level of interest rates, market conditions, and credit quality of the issuer. As with any security, there is an inherent market risk possibility as to principal if the security is not held to maturity. The non-rated bonds (N.R.) should be considered for investment by knowledgeable and sophisticated investors. Additional information will be made available upon request.


Securities are offered through NewEdge Securities, Inc., a registered Broker-Dealer, Member FINRA/SIPC.


The DRL Group is not a registered entity or a subsidiary or control affiliate of NewEdge Securities, Inc.


Bonds are subject to market and interest rate risk if sold prior to maturity. Prices and availability may change at any time without notice. Insured bonds are subject to the claims-paying ability of the insurance company.

Reminder: E-mail sent through the Internet is not secure. Do not use e-mail to send us confidential information such as credit card numbers, change of address, PIN numbers, passwords, or other important information. Do not e-mail orders to buy or sell securities, transfer funds, or send time-sensitive instructions. We will not accept such orders or instructions. This e-mail is not an official trade confirmation for transactions executed for your account. Your e-mail message is not private in that it is subject to review by the firm, its officers, agents, and employees. Unless expressly stated in this e-mail, nothing in this message should be construed as a digital or electronic signature.