Transcript: Hello, I’m Ken Moraif and I’m senior retirement planner at Retirement Planners of America and this is our weekly market alert video.  This one is for the week ended July 26, and we had another very strong week in the stock market.  The S&P 500 Index was up nicely this week and again, as we’ve been chronicling for you over the last several weeks, the anticipation of lowered interest rate by the Federal Reserve here in the United States is top-of-mind with investors, and so we hope that the Fed does not disappoint because if they next week say they’re not going to lower interest rates, we believe we can see the markets to get very freaked out and see a selloff both in the stock and the bond markets and because the Federal Reserve does not want to do that in our opinion, we see them lowering interest rates. Now, the gross domestic product, GDP, which is a measure of the growth of our economy came in below expectations, so the economy is not growing as rapidly as was expected, but the economy is still growing very rapidly relative to our size and also, we look at the unemployment all at record highs, so the economy is strong right now, but the Federal Reserve is going to, in our opinion, lower interest rates anyway, and when they have done that the last six times they’ve done over the last almost 50 years what has happened is that the stock market, the S&P 500 Index has been up after a year and even after 2 years, so that is a positive indicator, and we’re very bullish about where we go from here.

Now, the other thing that’s going on is that overseas in Europe, we saw Mario Draghi, who is the president of the European Central Bank, said that the European economy is slowing down.  It doesn’t look good.  Manufacturing is slowing down and therefore, they are planning on lowering interest rates as well.  Now, that one is kind of crazy because right now in Europe, there are many countries that have negative interest rates that are minus half a percent.  What that means is that if you deposit money in the bank, you have to pay the bank to do that and if you borrow money, they pay you, so if they lower interest rates what they’re going to do is actually pay you more to borrow and have you pay them more to deposit, so what they’re trying to do is incent people to borrow money and do economic things with them, but it seems like that’s a very difficult thing to have happened and hasn’t worked very well, apparently, since they’re going to do it again.

Now, also as you look over to China, we see that China’s slowing down due to the tariffs primarily, and so their manufacturing has slowed and other things are happening, and so all of those things combined, we believe could cause economic hardship over there that circles the globe and comes here to the United States and therefore, we also believe that the reason why the Federal Reserve may lower interest rates next week.  This is an insurance policy against slower economic growth to keep us going, so all right now looks bullish despite the fact that we have some bad news overseas, so we are a firm that specializes in retirement planning, so if you are over 50, if you are retired or retiring soon, I encourage you to go to our web site.  It is rpoa.com, RetirementPlannersofAmerica.com, and while you’re there, we have other videos you can watch on a variety of topics. We have podcasts.  We have articles, all kinds of information and while you’re there, if you’d like to talk to one of our retirement planners, we encourage you to do that.  We’d love sit down with you and see if we can help you.  If we can do that, fantastic, and if not, that’s fine, too.  We’ll part friends either way, and we have two goals, always.  One is to have your money last as long as you do, and then secondly we want you to have financial peace of mind, so we call your retirement your second childhood without parental supervision, so we want you to go play and have fun, so we look forward to helping you if we can and thank you for watching this video.