Economic outlook 2023: Inflation will ease, recession's a maybe

Most analysts are willing to commit to a slowdown in inflation in 2023, but a recession remains a trickier call. "I think the bond market is right, a recession is coming," said Liz Young, head of investment strategy at SoFi, "and the economic indicators reinforce that message." The debate over the likelihood of a recession "is worse for markets than simply having a recession and answering the question," she said.

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State and local government contributions to pension plans in 2021 reached the highest level in 20 years, continuing a trend that began in the wake of the Great Recession, according to the National Association of State Retirement Administrators. The contribution levels come on the heels of a strong market performance in 2021 and as state and local governments were awash in federal stimulus cash. But the high levels continue a trend that began several years ago as states implemented pension plan reforms, said Keith Brainard, NASRA's research director.

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?Cuyahoga County, Ohio's plans for a first-of-its-kind public utility operating a system of microgrids advanced with the selection of private partner Compass Energy Platform to operate the utility and shepherd the development and financing of its build-out. Three commercial microgrid districts are the first on the drawing board with an anticipated price tag of between $40 million and $60 million, said Cuyahoga County Department of Sustainability Director Mike Foley.

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Passenger counts at the three Port Authority of New York and New Jersey airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison. Air travel was up 2% when compared to the same time period in 2019, as Newark Liberty International Airport, John F. Kennedy International Airport, and LaGuardia Airport collectively handled 11 million passengers.

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Municipals were firmer in spots to kick off the new year's trading on Tuesday, underperforming a U.S. Treasury rally out long. Equities ended down. Triple-A benchmark yields were bumped up to seven basis points, depending on the scale, while Treasury yields fell 10 to 12 basis points 10 years and out.

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