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November 18th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,425,000, the Census Bureau reported. This is 4.2% below the revised September estimate of 1,488,000 and is 8.8% below the October 2021 rate of 1,563,000. Single‐family housing starts in October were at a rate of 855,000; this is 6.1% below the revised September figure of 911,000. The October rate for units in buildings with five units or more was 556,000.
Interest on a 15-year fixed-rate mortgage averaged 5.98% for the week ending November 17, down from last week when it averaged 6.38%, according to Freddie Mac. A year ago at this time, the 15-year FRM averaged 2.39%. Interest on a 30-year fixed-rate mortgage averaged 6.61%, down from last week when it averaged 7.08%. A year ago at this time, the 30-year FRM averaged 3.10%.
In the week ending November 17, The advance figure for seasonally adjusted initial claims for unemployment insurance was 222,000, a decrease of 4,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 1,000 from 225,000 to 226,000. The four-week moving average was 221,000, an increase of 2,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 218,750 to 219,000.
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| MARKET MIRROR |
Thursday, the Dow lost 7.51 points (0.02%) to finish trading at 33,546.32, the Nasdaq decreased 38.70 points (0.35%) to close at 11,144.96 and the S&P 500 decreased 12.23 points (0.31%) to close at 3,946.56. The Russell 2000 lost 14.04 points (0.76%) to close at 1,839.12 and the Wilshire 5000 decreased 169.78 points (0.43%) to finish trading at 39,263.79.
The price of the 10-year Treasury note fell 29/32, sending the yield up to 3.772%. The price of the 30-year Treasury bond fell 7/32, raising the yield to 3.881%.
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PRODUCTS
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Investment Product and Service Launches
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Angel Oak Capital Advisors launches income ETF focused on residential mortgage credit opportunities; Truist Wealth enhances portfolio of digital investing solutions; J.P. Morgan Wealth Management launches remote investing advice; and more. 
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Insights
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Purchasing Stability
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Today’s inflationary economy may point up a need to consider lifetime income products for the plan.
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SURVEYS
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CIO’s Transition Management Survey
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Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
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ON THIS DATE: In 1787, abolitionist and women’s right activist Sojourner Truth was born. In 1820, at age 21, Captain Nathaniel Palmer became the first American to sight the continent of Antarctica. In 1863, President Abraham Lincoln boarded a train for Gettysburg, Pennsylvania, to deliver a short speech the following day at the dedication of a cemetery of soldiers killed during the battle there on July 1 to July 3. The address Lincoln gave in Gettysburg became one of the most famous speeches in American history. In 1883, the U.S. and Canada adopted a system of standard time zones. In 1903, the U.S. and Panama signed a treaty that granted the U.S. rights to build the Panama Canal. In 1963, the first push-button (Touch-Tone) telephones debuted in the U.S. In 1976, the parliament of Spain approved a bill that established a democracy after 37 years of dictatorship. In 1997, First Union Corp. announced its purchase of CoreStates Financial Corp. for $16.1 billion. To date it was the largest banking deal in U.S. history. In 2009, Democratic politician Robert C. Byrd became the longest-serving member of Congress, with a combined service in the House of Representatives and Senate of 56 years 319 days; he died the following year.
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