We're rolling out the Roundup a day early this week. Tomorrow, Mark will post the monthly strategy updates for DAA and Sector Rotation.
- A giant distraction to the business of investing (Ben Carlson, A Wealth of Common Sense). Short-term market moves can play head games with you if you're not careful.
- GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal (CNBC). "The economy is close to stall speed, moving forward but barely." (The full GDP report is here — PDF.)
- GDP = –0.9% (Barry Ritholtz, The Big Picture). "Recessions matter to investors because they reduce employment, drag down consumer spending, lower corporate revenues, and ultimately drag profits down."
- The U.S. housing market has gone cold (Sam Ro, TKer). "What we're witnessing in the housing market is the desired outcome of the Fed."
- Student loan servicers told to hold off on sending out billing notices, a sign payment pause may be extended (CNBC via MSN). The White House apparently is considering extending — for the seventh time — the payment pause on federal student loans.
- The 2022 Long-Term Budget Outlook (Congressional Budget Office). The budgetary arm of Congress warns that federal "debt as a percentage of GDP begins to rise in 2024, surpasses its historical high in 2031...and continues to climb thereafter," heightening the "risk of a fiscal crisis."
- Don't name your estate as your IRA beneficiary (Kiplinger). Potentially higher taxes are one unhappy result. There are several others.
- After paying $22 billion of shares to buy TD Ameritrade, Chuck Schwab is preparing to spend $15 billion in hard cash to buy his own 'Schwabitrade' stock (RIABiz). A little bit of "inside baseball," but likely of interest to Schwab and TD Ameritrade customers.
- 6 ways to find missing money in your life (Bob Lotich, Personal Finance by the Book). Billions of dollars in unclaimed funds are out there. Some of it might be yours.
- How to pass on your passwords when you die (Wall Street Journal via Fidelity). LastPass and other password managers let you designate a "digital heir" for your account information.
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