Powell Somber on Recovery
Bi-WEEKLY UPDATE - MAY 18 , 2020
In This Issue
The Week on Wall Street
Stocks drifted lower last week, weighed down by Federal Reserve Chairman Jerome Powell's unsettling comments on the economy and signs of renewed tensions with China.
Stocks Pull Back
Stocks moved lower throughout most of last week on worries that the emerging economic reopening might accelerate the spread of COVID-19. Comments by Fed Chair Powell added to the downside pressure when he expressed concern about the path ahead for the U.S. economy.
The stock market managed to find some firmer footing, posting a strong gain on Thursday. Stocks rallied again on Friday, overcoming headlines that suggested a souring relationship with China and a report that showed U.S. retail sales dropped 16.4% in April.[4]
Powell Speaks
Fed Chair Powell spoke last Wednesday and painted a somber economic outlook, remarking that "the path ahead is highly uncertain and subject to significant downside risks." He urged the White House and Congress to pass additional financial relief to help the economic recovery, adding that there was no plan on the Fed's part to cut the federal funds rate to below zero.[5]
Powell also referenced internal Fed research that found those least able to weather the current economic environment were most impacted, with nearly 40% of households making less than $40,000 per year having lost a job in March.[6]

Social Security Advance Designation

Did you know that the Social Security Administration allows for people who are receiving benefits to choose an individual to manage your benefits should the need arise? Known as Advance Designation, this would allow a person you believe has genuine concern for your well-being to act on your behalf. Please note that a Durable Power of Attorney (DPOA) is not enough for someone to manage your benefits; they must also have the advance designation.
According to the Social Security web site, you can submit advance designations by phone, online, or by submitting a form through the mail. For more information on advance designations,  visit the FAQ section of the SSA.gov web site.
During these times, we believe it could bring peace of mind to have a trusted person already listed with the SSA to help you with your benefits if you need it.

Blattel News

We hope you are all doing well. Thank you for continuing to share your stories and pictures with us.
Although summer is fast approaching, spring is still active in Missouri, which means quite a bit of rain in the forecast. Last week, the Blattel & Associates team discussed some of our favorite movies and we thought you might enjoy one of our picks on your next rainy evening.
  • Avatar
  • Ever After
  • Pride & Prejudice
  • Saving Private Ryan
  • Star Wars
  • To Kill a Mockingbird
  • Twister

For a bit fun, we are also offering a contest. Email us with your guesses as to who picked which movie. Two correct matches will earn you a chance to win an Amazon gift card. Have a great week!


Bob      Scott      Kate      Scott K.      Erin      Adam      Sarah


"Let us make our future now, and let us make our dreams tomorrow's reality."
- Malala Yousafzai
Bread Pakora

Serves 6
  • 6 to 8 slices of bread cut into segments
  • 1 cup chickpea flour
  • 2 tsp. lemon juice
  • ¼ tsp. baking soda
  • Pinch of salt
  • 1 tsp. green chili, chopped
  • 2 Tbsp. coriander, chopped
  • 1 tsp. ajwain
  • ½ tsp. turmeric powder
  • 1 cup water
  • Preferred cooking oil
  1. Mix chickpea flour, lemon juice, baking soda, salt, green chili, coriander, ajwain, and turmeric in a bowl.
  2. Add water to create a batter.
  3. Heat oil in pan on high.
  4. Once hot, turn down to medium-low heat.
  5. Dip bread segments into batter and place into pan.
  6. Fry until golden brown on both sides.
  7. Place fried pakora pieces on to paper towel to remove excess oil.
  8. Serve hot with coriander chutney or grated cheese, to taste.  


Recipe adapted from Whiskaffair.com[7]

How to Amend Your Return

If you discover that you've made an error on your tax return, you may need to file an amended return. Though you don't need to file if you've made a simple math error or left out forms (the IRS corrects for those automatically), you should file an amended return for any missed credits, deductions, filing status, or income.
  • Use Form 1040X to file an amended return.
  • You'll need to use separate forms for each year that you need to amend.
  • If you use any other forms or need to submit new documentation, attach them to the 1040X form.
  • Pay any additional taxes you owe as soon as possible to avoid accruing additional interest and penalties.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov [8]

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Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
Diversification does not guarantee profit nor is it guaranteed to protect assets.
International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.

The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general.
The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.
The Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of stocks of technology companies and growth companies.
The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indices from Europe, Australia, and Southeast Asia.

The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
Past performance does not guarantee future results.
You cannot invest directly in an index.
Consult your financial professional before making any investment decision.
Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
These are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named representative,
Broker dealer or Investment Advisor and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial professional for further information.
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The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

[1] The Wall Street Journal, May 15, 2020

[2] The Wall Street Journal, May 15, 2020

[3] The Wall Street Journal, May 15, 2020

[4] CNBC.com, May 15, 2020

[5] The Wall Street Journal, May 13, 2020

[6] The Wall Street Journal, May 13, 2020

[7] Whiskaffair.com, May 15, 2020

[8] IRS.gov, June 4, 2019

[9] Culbertsonhills.com, May 15, 2020

[10] Healthline.com, May 15, 2020

[11] Good Housekeeping, May 15, 2020

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