I hope you are all well and enjoying the reopening of California. We started the week by celebrating our Grand Old Flag with June 14th recognized as Flag Day in the United States. In addition, we are ending the week by celebrating all the dads out there on Father’s Day. This time last year feels lightyears away for how far we have come with vaccinations, reopening businesses, events resuming, and unmasking California. June is also Elder Abuse Awareness month and cyber fraud has been on the rise, especially during the pandemic.
This Monday, Americans celebrated Flag Day by displaying the Red, White, and Blue in front of their homes and businesses. On June 14, 1777, the Second Continental Congress adopted The Stars and Stripes as the official flag of the United States.
After 15 long months, California reopened on Tuesday. The color-coded tiers have disappeared, and social distancing is soon to be a thing of the past. Vaccinated Californians are no longer required to wear a mask. There will no longer be capacity limitations for restaurants, bars, and businesses. Vaccinated residents can now go without masks in most settings, with some exceptions – including public transit, healthcare facilities, homeless shelters, prisons, and schools and childcare facilities. At least 70% of California adults have had at least one dose of the vaccine and California has one of the lowest Covid rates in the country.
During the pandemic, fraudsters have targeted vulnerable populations with cyber and financial crimes at an alarming rate. According to the Federal Trade Commission, older Americans reported fraud losses totaling $388 million through the third quarter of 2020. This month is Elder Abuse Awareness Month, and we would like to take this opportunity to share some tips to help our clients protect themselves from these types of cyber and financial crimes.
- Fraud Prevention Checklist (click here)– this checklist is a great way to increase awareness of fraud and how you can prevent becoming a victim of cybercrime.
- Steps you can take: Plan for future needs and protect your accounts (click here) – the second page contains best practices and resources to protect your aging loved ones.
Please access all of Schwab’s Fraud and Cybercrime Educational webcast series replays and visit Schwab’s Cyber Resource Center for other valuable and timely information.
It was a volatile week as investors waited in anticipation of Wednesday’s news on what the Fed is planning for the coming years. Since Friday’s close, the Nasdaq is the only index in the green up 0.6%, with the S&P 500 and the Dow trailing behind -0.6% and -1.9%, respectively. Yesterday, we heard from Fed Chair Powell that the Fed kept interest rates unchanged, but 13 of the 18 officials are expecting the committee to raise rates by the end of 2023 (up from 7 officials in March 2021). This came as a result of more macro factors and Covid-19 figures pointing to a stronger economic outlook for the Fed. Powell also mentioned that the committee has officially started the “discussion to discuss tapering bond purchases”, but important to note that there is no definite timeline right now. This resulted in a selloff in equity markets and a spike in interest rates, but today the tech-heavy Nasdaq and the 10-year Treasury reversed.
I also want to remind you to register for our webinar on Providing for a Surviving Spouse in Retirement with guest speaker, Jim Foster, CFP®, CLU®, from Prudential. It will take place on Wednesday, June 30th at 1 PM. Click here to register and learn more.
We are halfway through June and nearing quarter end. Please call our office at (888) 253-0288 or email Sunni@apriem.com to schedule an in-person or virtual review with your Wealth Manager.
I wish all the fathers out there a wonderful Father’s Day weekend!