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May 26th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
In the week ending May 20, the advance figure for seasonally adjusted initial claims was 229,000, an increase of 4,000 from the previous week’s revised level of 225,000, the Labor Department reported. The four-week moving average was 231,750, unchanged from the previous week’s revised average.
Interest on a 30-year fixed-rate mortgage averaged 6.57% for the week ending May 25, up from last week when it averaged 6.39%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.10%. Interest on a 15-year fixed-rate mortgage averaged 5.97%, up from last week when it averaged 5.75%. A year ago at this time, the 15-year FRM averaged 4.31%.
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| MARKET MIRROR |
Thursday, the Dow fell 35.27 points (0.11%) to close at 32,764.65, the Nasdaq rose 213.93 points (1.71%) to close at 12,698.09 and the S&P 500 rose 36.04 points (0.88%) to close at 4,151.28. The Russell 2000 lost 12.40 points (0.70%) to close at 1,754.60, and the Wilshire 5000 gained 256.02 points (0.63%) to close at 40,899.83.
The price of the 10-year Treasury note decreased 6/32, bringing the yield to 3.822%. The price of the 30-year Treasury bond decreased 1/32, bringing the yield to 3.998%.
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PRODUCTS
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Investment Product and Service Launches
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Choreo launches Choreo Partner Alliance; Gainbridge announces upcoming B2B insurance-as-a-service platform; New York Life introduces new suite of term life products; and more. 
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ADMINISTRATION
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Special Coverage: RFPs
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A look at the preparation, technology, tools and processes plan sponsors are using to conduct requests for proposals.
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EVENTS
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Get Your SECURE 2.0 Questions Answered
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During a special session at the PLANSPONSOR National Conference in June, Mark Iwry will participate in a lightening round about the new SECURE 2.0 Act. Mark brings a unique insider’s perspective on the legislation, having been Senior Advisor to the Secretary of the Treasury (2009-2017) and the U.S. Treasury Department’s Deputy Assistant Secretary for national Retirement and Health Policy, as well as having advised Hill staff on the development of important parts of the law. It will be a perfect opportunity for you to have your questions answered. Please take a few minutes to complete this short survey to let us know what provisions of the law you want to hear about and what questions you have for Mark.
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ON THIS DATE: In 1895, photographer Dorothea Lange, whose portraits of displaced farmers during the Great Depression greatly influenced later documentary and journalistic photography, was born. In 1913, the Actors’ Equity Association, the trade union for American performing artists, was founded. In 1926, jazz musician Miles Davis, a trumpeter who was one of the major influences on jazz, was born in Alton, Illinois. In 1927, the Ford Motor Company ended production of its famed Model T, which had helped “democratize the automobile.” In 1938, the House Un-American Activities Committee was created, with Martin Dies, Jr., as its chairman; it investigated alleged communist activities, and perhaps its most celebrated case was that of Alger Hiss. In 1940, during World War II, the British began to evacuate their troops from Dunkirk, France. In 1966, Guyana, formerly a colony of the Dutch and later the British, gained its independence. In 2008, director, producer and actor Sydney Pollack—who led a number of popular films, including “The Way We Were” and “Out of Africa”—died at age 73.
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