October 23rd, 2023 Insight on Plan Design & Investment Strategy Every Weekday Administration Fed’s Bostic Addresses Wealth Inequality, Inflation at New School Lecture The president and CEO of the Fed’s Atlanta branch said monetary policy is limited in its ability to reduce wealth inequality, but policy can contribute to better labor outcomes for those on the short end. Compliance Federal Auto-IRA Bill Re-Introduced The bill would have a 5% match and be administered by the Department of the Treasury. Most Read Benefits Social Security COLA Increase to Add About $50 per Month in 2025 Administration Many Taxpayers Dodged Penalty Tax for Early Retirement Withdrawals Administration Bills to Ban Arbitration Clauses Reappear in House, Senate ECONOMIC EVENTS Wednesday, the Census Bureau will report new home sales for September. Thursday, the Department of Labor will report initial jobless claims, the Census Bureau will announce new orders for manufactured durable goods and Freddie Mac will update average mortgage rates for the week. MARKET MIRROR Friday, the Dow fell 286.89 points (0.86%) to close at 33,127.28, the Nasdaq fell 202.37 points (1.53%) to close at 12,983.81 and the S&P 500 fell 53.84 points (1.26%) to close at 4,224.16. The Russell 2000 lost 21.91 points (1.29%) to close at 1,680.79, and the FT Wilshire 5000 lost 543.93 points (1.27%) to close at 42,406.60. The 10-year Treasury note increased 5/32, bringing the yield to 4.928%. The 30-year Treasury bond increased 2/32, bringing the yield to 5.090%. For the week ending October 20, the Dow fell 1.61%, the Nasdaq fell 3.16% and the S&P 500 fell 2.38%. The Russell 2000 lost 2.26%, and the FT Wilshire 5000 Index fell 2.39% lower. COMPLIANCE Retirement Fiduciary Proposal Coming Very Soon Industry experts now expect the proposal on 3(21) fiduciaries to come by month’s end. DEALS AND PEOPLE Retirement Industry People Moves Fidelity names Palmer marketing director; SageView enhances wealth management leadership team; Marasco to lead new protected retirement team;  and more. SURVEYS Don't miss your chance to participate in PLANSPONSOR's DC Survey! PLANSPONSOR’s annual DC Survey is closing soon. Be a part of the most widely used benchmarking data for the defined contribution retirement plan marketplace. Eligible plan sponsors that participate in the survey will get a free copy of an industry report that can be useful for plan benchmarking.  SMALL TALK ON THIS DATE: In 1925, comedian Johnny Carson—who, as host of “The Tonight Show,” established the standard format for television talk shows—was born. In 1941, the Disney animated classic. “Dumbo,” had its world premiere. In 1942, the British, led by Field Marshal Bernard Law Montgomery, launched a successful infantry attack against the Germans at El-Alamein, Egypt, during World War II. In 1944, also during World War II, U.S. forces under the leadership of Admiral William F. Halsey, Jr., commenced a decisive air and sea battle against the Japanese on the central Philippine island of Leyte. In 1956, the Hungarian Revolution began with a massive demonstration in Budapest. In 1983, suicide bombers drove truckloads of high explosives into the barracks of U.S. Marines and French paratroopers in Beirut, killing 241 U.S. servicemen and 58 French troops. In 1998, singer Britney Spears released the single “…Baby One More Time,” which became a huge hit and helped make her a pop star. In 2001, Apple introduced the iPod, a portable media player that became one of the most successful and revolutionary products of the early 2000s. In 2003, Soong Mei-ling, the second wife of Nationalist Chinese president Chiang Kai-shek and a powerful political figure in her own right, died at age 106. 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