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August 26th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Interest on a 30-year fixed-rate mortgage averaged 5.55% for the week ending August 25, up from last week when it averaged 5.13%. A year ago at this time, the 30-year FRM averaged 2.87%, according to Freddie Mac. Interest on a 15-year fixed-rate mortgage averaged 4.85% up from last week when it averaged 4.55%. A year ago at this time, the 15-year FRM averaged 2.17%.
In the week ending August 20, the advance figure for seasonally adjusted initial claims for unemployment insurance was 243,000, a decrease of 2,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised down by 5,000 from 250,000 to 245,000. The four-week moving average was 247,000, an increase of 1,500 from the previous week’s revised average. The previous week’s average was revised down by 1,250 from 246,750 to 245,500
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| MARKET MIRROR |
Thursday, the Dow increased 322.55 points (0.98%) to close at 33,291.78, the Nasdaq gained 207.74 points (1.67%) to 12,639.27 and the S&P 500 rose 58.35 points (1.41%) to 4,199.12. The Russell 2000 was up 29.35 points (1.52%) to 1,964.64 and the Wilshire 5000 expanded 171.30 points (0.42%) to 41,395.70.
The price of the 10-year Treasury note increased 28/32 lowering the yield down to 3.033%. The price of the 30-year Treasury bond increased 1 3/32 lowering the yield down to 3.242%.
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Participants
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Funding the Future Self
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To their detriment, plan participants often fail to opt in to in-plan financial advice—but that may be changing. 
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Considering Multiple QDIAs
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Using dynamic qualified default investment alternatives can create opportunities to engage with participants as they transition from target-date funds to managed accounts.
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ON THIS DATE: In 1794, President George Washington wrote to Henry “Light Horse Harry” Lee, Virginia’s governor and a former general, regarding the Whiskey Rebellion, an insurrection that was the first great test of Washington’s authority as president of the United States. In the letter, Washington declared that he had no choice but to act to subdue the “insurgents,” fearing they would otherwise “shake the government to its foundation.” In 1842, the first fiscal year was established by the U.S. Congress to start on July 1. In 1847, Liberia was proclaimed as an independent republic. In 1920, the 19th Amendment, guaranteeing women the right to vote, was formally adopted into the U.S. Constitution by proclamation of Secretary of State Bainbridge Colby. In 1939, the first televised Major League Baseball game was broadcast. In 1964, Lyndon B. Johnson was nominated to run for the presidency at the Democratic National Convention in Atlantic City. In 1998, the U.S. government announced that they were investigating Microsoft in an attempt to discover if they “bullied” Intel into delaying new technology. In 2018, playwright, screenwriter and TV writer Neil Simon—who was one of the most popular playwrights in the history of American theatre, known for such plays as “The Odd Couple” and “Biloxi Blues”—died at age 91.
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