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February 17th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending February 11, the advance figure for seasonally adjusted initial claims for unemployment insurance was 194,000, a decrease of 1,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised down by 1,000 from 196,000 to 195,000. The four-week moving average was 189,500, an increase of 500 from the previous week’s revised average. The previous week’s average was revised down by 250 from 189,250 to 189,000.
Interest on a 30-year fixed-rate mortgage averaged 6.32% for the week ending February 16, up from last week when it averaged 6.12%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.92%. Interest on a 15-year fixed-rate mortgage averaged 5.51%, up from last week when it averaged 5.25%. A year ago at this time, the 15-year FRM averaged 3.15%.
The Producer Price Index for final demand increased 0.7% in January, the Bureau of Labor Statistics reported. Prices for final demand goods advanced 1.2%, and index for final demand services moved up 0.4%. Prices for final demand rose 6.0% for the 12 months ended January 2023.
Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,309,000, the Census Bureau reported. This is 4.5% below the revised December estimate of 1,371,000 and is 21.4% below the January 2022 rate of 1,666,000. Single‐family housing starts in January were at a rate of 841,000; this is 4.3% below the revised December figure of 879,000. The January rate for units in buildings with five units or more was 457,000.
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| MARKET MIRROR |
Thursday, the Dow decreased 431.20 points (1.26%) to close at 33,696.85, the Nasdaq lost 214.76 points (1.78%) to close at 11,855.83 and the S&P 500 decreased 57.19 points (1.38%) to close at 4,090.41. The Russell 2000 lost 18.76 points (0.96%) to close at 1,942.21 and the Wilshire 5000 decreased 551.26 points (1.33%) to close at 40,938.76.
The price of the 10-year Treasury note was unchanged, bringing the yield to 3.862%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.920%.
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EVENTS
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SECURE 2.0 Has Passed. Now What?
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Join PLANSPONSOR, PLANADVISER and industry experts for a webinar on February 22 as we discuss the impact many provisions in the SECURE 2.0 legislation will have on plan sponsors and participants; a timeline for the issuance of new rules and regulation effective dates; and what actions plan sponsors must take now to comply with the law. 
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ON THIS DATE: In 1801, following a tie in the electoral college, the House of Representatives elected Thomas Jefferson president. In 1820, the Senate passed legislation that admitted Missouri to the United States as a slave state and Maine as a non-slave state at the same time, so as not to upset the balance between slave and free states in the nation. It also outlawed slavery in the remainder of the Louisiana Territory. In 1864, during the Civil War, the CSS Hunley became the first submarine to sink an enemy ship when it successfully attacked the USS Housatonic in the waters off Charleston, South Carolina. In 1897, the National Congress of Parents and Teachers was founded in Washington, D.C., as the National Congress of Mothers. In 1992, convicted serial killer Jeffrey Dahmer was sentenced to 15 consecutive life terms for a series of gruesome murders; he later died in prison. In 2008, Kosovo declared its independence from Serbia. In 2014, comedian Jimmy Fallon began hosting “The Tonight Show,” replacing Jay Leno.
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