March 23rd, 2023 Insight on Plan Design & Investment Strategy Every Weekday Investing Fed Continues Inflation Fight Despite Banking Failures Federal Reserve Chairman Jerome Powell says the FOMC remains 'strongly committed to bringing inflation back down to our 2% goal.' Deals and People PGIM Investments Hires Harris as New Managing Director The global asset management business of Prudential Financial hired an industry veteran to grow its institutional relationship group. Most Read Administration IRS Private Letter Ruling Allows Employer to Increase Plan Design Flexibility Benefits IBM Completes $6B Pension Risk Transfer with Prudential Compliance IRS Reminds Plan Sponsors of Plan Amendment Deadlines Wednesday, the Dow lost 530.49 points (1.63%) to close at 32,030.11, the Nasdaq lost 190.15 points (1.60%) to close at 11,669.96 and the S&P 500 lost 65.90 points (1.65%) to close at 3,936.97. The Russell 2000 decreased 50.38 points (2.83%) to close at 1,727.36 and the Wilshire 5000 decreased 705.66 points (1.78%) to close at 38,969.05. The price of the 10-year Treasury note decreased 5/32, bringing the yield to 3.444%. The price of the 30-year Treasury bond decreased 3/32, bringing the yield to 3.655%. Compliance DOL Reopens Comment Period for QPAM Exemption Change A third comment period will remain open until April 6. Deals and People Edelman Financial Engines Promotes Gilfedder to CIO The financial planning company is fulfilling its succession plan with the internal hire. EVENTS New Plan Creation Under SECURE 2.0 Join PLANSPONSOR, PLANADVISER and a panel of industry experts as we discuss SECURE 2.0 provisions related to the creation of new retirement plans; why existing plan sponsors should care about the rules for newly created plans; and how SECURE 2.0 can assist advisers and employers in closing the retirement plan coverage gap. SMALL TALK ON THIS DATE: In 1775, Patrick Henry, delivered a speech featuring the phrase “give me liberty or give me death” at the second Virginia Convention, at St. John’s Church, in Richmond. In 1806, having completed the first U.S. overland expedition to the Pacific coast, explorers Meriwether Lewis and William Clark began their return to St. Louis, where their journey had begun in 1804. In 1857, inventor Elisha Otis installed the first commercial elevator, in a department store in New York City. In 1884, Florence Ellinwood Allen, the first woman to serve on a state supreme court and one of the first two women to serve as a United States federal judge, was born. In 1924, Bette Nesmith Graham, the inventor of Liquid Paper correction fluid, was born. In 1998, the movie Titanic won 11 Oscars at the Academy Awards. In 2001, although designed for only five years of service, the Soviet/Russian space station Mir ended 15 years in orbit when it reentered Earth’s atmosphere, falling into the South Pacific Ocean. In 2021, the Suez Canal, one of the world’s most heavily used shipping lanes, was blocked after the mega-freighter Ever Given ran aground; it took six days to move the vessel. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850