"CHICAGO – The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares to enter technical testing for the service starting in September (2022).....Currently, more than 120 organizations are participating in the FedNow Pilot Program....."
https://www.federalreserve.gov/newsevents/pressreleases/other20220829a.htm
https://explore.fednow.org/
YBB Note. Instant online bank payments are already available in many countries, including some developing countries. While Zelle, Venmo, Popmoney, etc are available in the US, they are quite limited by $amounts (that vary by banks) and signups (parties must signup for those services); there are few safeguards (payments are not cancellable/reversible for any reason); they are mostly for personal transactions (P2P). The current ACH batch operations take 2-3 days (day 0-1 to send, day 2 for internal error checks, day 3 for account posting); some banks/credit unions may post $amount the next day for their established/preferred customers, but others may even have 5-day hold. Hopefully, FedNow in mid-2023 will speed things up.

The following from Lipper gives a much better granularity than the article WSJ and shows for the week ended Aug 24, there were net equity outflows, with inflows from ETFs and outflows from mutual funds.
https://www.lipperusfundflows.com/#create:newsline:Newsline Article:/php/newsline.php?id=2845

https://www.sec.gov/Archives/edgar/data/106444/000168386322005709/f22899d1.htm
497 1 f22899d1.htm HIGH YIELD CORP SUPPLEMENT - 497
 
Vanguard High-Yield Corporate Fund
Supplement Dated August 29, 2022, to the Prospectus and Summary Prospectus Dated May 31, 2022
Important Changes to Vanguard High-Yield Corporate Fund
Restructuring of the Investment Advisory Team
The Board of Trustees of Vanguard Fixed Income Securities Funds, on behalf of Vanguard High-Yield Corporate Fund (the Fund) has approved a restructuring of the Fund’s investment advisory team, adding The Vanguard Group, Inc. (Vanguard) as an advisor to the Fund through its Fixed Income Group. Wellington Management Company LLP (Wellington Management) remains an advisor of the Fund.
Effective immediately, Vanguard through its Fixed Income Group manages a portion of the Fund’s assets along with the Fund’s existing advisor, Wellington Management. Each advisor independently selects and maintains a portfolio of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit quality ratings for the Fund. The Fund’s Board of Trustees determines the proportion of the Fund’s assets to be managed by each advisor and may change these proportions at any time.
In connection with Wellington Management’s management of the Fund, effective immediately, Elizabeth H. Shortsleeve is added as a co-portfolio manager, alongside Michael Hong, of the Wellington Management portion of the Fund.
In connection with the addition of Vanguard to the Fund, effective immediately, Michael Chang is added as portfolio manager of the Vanguard portion of the Fund.
The Fund’s investment objective, principal investment strategies, and policies remain unchanged...

Loaded fngu hard
Will sale if +10 -15% short term
Maybe +50% - 2x by 8 12 months

Things don’t appear as beaten up yet as 1-2 months ago. Just looked at TCHP and it’s up 5+% over past month. Futures recovered a bit today as the pre-market hours waned on.
Watching ….
PS - Ron Barron’s a very smart man. I can do without obnoxious Joe K in the video clip.

https://m.youtube.com/watch?v=8Ju-syrQJHA
Good old fundamental advise
May need buy more qqq vti faang voo vo and keep dca for 5 - 10 yrs hold

Filled my tank yesterday.
Regular gas was $4.35/gallon at Costco (often one of the least expensive places for gas).

From last Wednesday’s Wall Street Journal (August 24):
“Many investors have rediscovered their appetite for stock funds as the S&P 500 has climbed 13% since June 16. The summer’s market rally has begun to lure investors back into stock funds. Investors funneled a net $11.7 billion into equity mutual funds and exchange-traded funds over the two-week period ended last Wednesday, according to Refinitiv Lipper data. That is a shift from earlier in the summer, when many investors assessed their losses from a brutal start to the year and headed for the exits.”

@Roy, you have what it takes to hold such a fund… more power to you.
@Sven, PRWCX may fall into “group think”… I owned Pimco Income and then the winds changed… winds change so we adjust your sails.
@hank, thanks for your suggestion and comments… In 2023, with retirement looming, I have structured a portion of my portfolio to provide short term income needs. I am comfortable with a 10% loss over the short term (5 years or less) so positions in cash, ST Bonds and funds such as VWINX will hopefully meet my yearly income needs.
If I am lucky enough to not need all of my portfolio to continually fund my 5 year income needs, I will fund longer term investment in funds like PRWCX. I also feel funds in the healthcare and Tech sector (nod to @Ted) continue to be long term trends that I would also consider.

The following individuals are listed by Giroux at the end of his letter and unless I am mistaken, they are all dedicated staff to PRWCX (Mike Signore, Chen Tian, Nikhil Shah, Vivek Rajeswaran, Brian Solomon, and Jared Duda) in addition to all the TRP analysts, associate analysts and quantitative analysts.
So, while Giroux has final say on the portfolio, he is receiving a lot of assistance.
As many of you know from previous postings, we have most of our investments in this one fund. First moved most of our retirement funds into this fund late in 2006 when Giroux was still new, just dumb luck as the move was based on prior performance of the fund and the desire to simplify and reduce volatility. Once we retire or decide 60% + in equities is more than we are comfortable with, this could very easily change. I'm very glad Giroux is 12 years younger than I as this means he may be PM another 10-15 years, fingers crossed!

+1. And yet, a single manager keeps things simpler, when a fund holds $50B AUM. YIKES, eh?

oh, boy. pretty obscene. i'm still seeing $5.56 at some gas stations. Oahu.

Global energy co profits for 2022/Q2 from Twitter LINK.

- I attempted to respond directly to @bee and his query of whether PRWCX would constitute a wise sole investment for a retiree already in the distribution phase. If others think that would be a good way to go, please let @bee know.
- I’m aware of PRWCX’s excellent risk adjusted performance record. I owned the fund from 1995 until July 2022 when I exited as part of a broader consolidation of holdings.

Young Giroux (only 31), a capital goods analyst (who had won an industry award for analysts) but without any prior fund management experience, and without much overlap with the previous managers of PRWCX, was given the responsibility for a major fund like PRWCX in 2006. Price obviously saw the potential, but it took time for others to realize that. Amazingly, Giroux has delivered SP500 like returns with only 60-70% equity exposure (but he takes more credit risks with his bonds); screenshot shows period 1/1/2006-now. So, it isn’t a conventional moderate-allocation fund, but a capital appreciation fund that seeks higher returns than its nominal equity exposure.

Think maybe bottom consolidate w this stock
If day trade/few days trades - buy Monday set sale +5% +10%, auto sale
After autosale --> repeat if you think stocks still upswings
If long term sits for two yrs five yrs and may reach >40 50
Imho stocks cycles every 3 months and may potential be +20 -30% every 3- 6 months amd may get 40s 50s in 16 19 months
Have stop tight loss and sale if stocks drop >5% if day trade
If long term you may not care if goes any lower
Analysts say could be $55 in 12 months
Volumes very low so not many interests becareful
Good find
If you look at $WTI Lots folks bought it large upswings momentum, head and shouler upswings, but seem very strong and rsi not reached >70 potential for another 5 7% upswings...macd also crosses over 7 9 days ago
Just my humble options
Eu banks/ eu economy in very bad shape now and may have more downswing.. could be another 10 15% down hard to say
Don't loose$$
Consider looking at few speakers in stockharts youtube representers videos you may learn lots about swing momentum trades
Remember when you think you are good/correct and has good trades good winners,
Market comes back and knock you off very bad...be very humble and expect win <35 40% of trades

I'm looking at this chart very simplistically (i.e. just the technicals) and I have have done zero point diddly fundamental analysis of the stock or company. The price seems to sit right where it was in June 2020. It nearly doubled from there by August of 2021 but has since retraced all of that gain and appears as though it wants to continue to advance to the rear. I mean it's barely trying to break the trend. The technical chart at StockCharts.com confirms this with a low RSI, trading far below it's 200dMA. It's also trading below its 50dMA and money is flowing out of the stock (CMF = Chaikin Money Flow). So 'technically' it's not a good time to be buying and I wouldn't consider investing until these indicators show signs of moving up (i.e. reversing).
Having said that something 'fundamentally' could lead analysts to say it's worth your money and interest but you couldn't prove it by what the chart is technically indicating.
Which is better?

Hihi
44 milions dollars questions there
Nobody know the answers
Hard to trade daily or momentum trades
Everyone wrong >54% of time when Bet against market

@bee, Never owned VWINX. Been tracking it all year and am very impressed. Steady Eddy if there ever was. As of yesterday it was down less than 7% YTD. One compeditor, PRSIX i like to track is off over 10% at this point. I guess there’s a roughly .50% difference in fees, which accounts for part, but not all, of that difference,
Just watching PRWCX almost since inception I would consider it too risky to use as the sole ingredient in a retirement / staged withdrawal plan. But I’ve been taking aim at it for couple decades now and it continues to defy my worst forebodings. Look at virtually any other fund run by T. Rowe and you’ll find periods of overperformance and underperformance. But not this one - yet. Just rambling here. Hats off to Giroux for the job he’s done. One wonders who might replace him some day.

I am little concerned w USA jobs market/ data Feds plans, recessions, uncontrolled inflation....
I am more concerned w other parts of world - EU USSR and especially CHINA economy -housing bubble [??Lehman brothers 2.0) -c19 frequent recurrent Locks Downs -recession surely pull all of us down/sink whole global economy
If that the case sp500 head toward 2900 Triple dip [april 2020, early 2022, and late 2022-2023)
Sp500 severe resistance near below 3900 if breaks ...waterfall