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March 17th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Benefits
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DB Summit: Alternative DB Plan Designs
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Experts explained the advantages of cash balance DB plans and variable plans that offer a set payday without losing the advantages of market growth. 
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| ECONOMIC EVENTS |
Privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,450,000, the Census Bureau announced Thursday. This is 9.8% above the revised January estimate of 1,321,000, but is 18.4% below the February 2022 rate of 1,777,000. Single‐family housing starts in February were at a rate of 830,000; this is 1.1% above the revised January figure of 821,000. The February rate for units in buildings with five units or more was 608,000.
In the week ending March 11, the advance figure for seasonally adjusted initial claims 20,000 from the previous week’s revised level, the Labor Department announced Thursday. The previous week’s level was 192,000, a decrease of 20,000 revised up by 1,000 to 212,000. The four-week moving average was 196,500, a decrease of 750 from the previous week’s revised average. The previous week’s average was revised up by 250 to 197,250.
Interest on a 30-year fixed-rate mortgage averaged 6.6%, for the week ending March 16, down from last week when it 6.73%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 4.16%. Interest on a 15-year fixed-rate mortgage averaged 5.9%, down from last week when it averaged 5.95%. A year ago at this time, the 15-year FRM averaged 3.63%.
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| MARKET MIRROR |
Thursday, the Dow gained 371.98 points (1.17%) to close at 32,246.55, the Nasdaq gained 283.23 points (2.48%) to close at 11,717.277 and the S&P 500 gained 68.35 points (1.76%) to close at 3,960.28. The Russell 2000 increased 25.29 points (1.45%) to close at 1,771.89 and the Wilshire 5000 increased 659.75 points (1.71%) to close at 39,252.12.
The price of the 10-year Treasury note decreased 3/32, bringing the yield to 3.584%. The price of the 30-year Treasury bond was unchanged, and the yield to 3.705%.
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PRODUCTS
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Investment Product and Service Launches
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Mirae Asset Mutual Fund launches Smart Beta ETF; Brown Advisory introduces Sustainable Value Mutual Fund; Modern Capital releases Capital Tactical Opportunities Fund; and more.
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In 1756, St. Patrick’s Day was celebrated in New York City for the first time. The event took place at the Crown and Thistle Tavern. In 1776, Britain repealed the Stamp Act that caused resentment in the North American colonies. In 1901, in Paris, Vincent Van Gogh’s paintings were shown at the Bernheim Gallery. In 1930, Al Capone was released from jail. In 1941, the National Gallery of Art was officially opened by U.S. President Franklin D. Roosevelt in Washington, DC. In 1969, Golda Meir became the fourth prime minister of Israel. In 1972, American soccer player Mia Hamm was born. In 1992, white South Africans approved constitutional reforms to end the country’s racial apartheid system. In 2017, American singer-songwriter and guitarist Chuck Berry, a leading and influential performer in rhythm-and-blue and rock-and-roll music, died at age 90.
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