City of New York, NY

"We are seeing strength in the securities, transportation and warehousing and office sectors," New York State Comptroller Thomas DiNapoli said "but retail, restaurants, construction and tourism continue to lag the national recovery."

The CPI numbers coming in pretty much as expected "was a relief" to the markets, with the bond market rallying after the release, said Luke Bartholomew, senior economist at abrdn.

If implemented, New York's congestion pricing plan will be the first in the nation.

While fiscal 2023 and 2024 budgets remain balanced, outyear gaps increase to $4.2 billion, $6.0 billion and $7.0 billion in fiscal 2025 through 2027, respectively.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

Comptroller Brad Lander said the pension funds adopted a measurable and transparent plan that could serve as a model for other investors.

"Folks are aware of possible pressure that could weigh on the market, but attitudes are still generally more constructive than negative at this time," says Tom Kozlik of HilltopSecurities. 

Outflows continued, with the Investment Company Institute reporting investors pulled $693 million from mutual funds in the week ending March 22, after $684 million of outflows the previous week.

Massive transit projects have funding momentum, and traditional road and bridge projects are advancing as well despite political opposition and some shaky funding.

"If banks become even more reluctant to make new loans, the likelihood of a recession grows," says New York City Comptroller Brad Lander.