Powell: Fed is Ready for Rate Cut

Remember to mark your calendar for Legal Day at McKnight Advisory Group on August 30th. The event will run from 8 am to 2 pm and presents an exclusive opportunity to obtain high-quality advice on estate planning, living wills and power of attorney. Book a 30-minute consultation with the experienced attorneys from Smith-Wright Law to gain the assurance you need to plan for your future. To secure your spot,register now, and Retha will reach out to you personally to arrange your appointment. Hurry, as spaces are limited!

Tragic Loss in the Skies: The 2016 Smyrna Blue Angels Crash and the Legacy of Lt. Jeff Kuss

On June 2, 2016, the U.S. Navy and the Blue Angels experienced a tragic loss when Lieutenant Jeff Kuss, a highly regarded Marine Corps pilot, died in a F/A-18 Hornet crash during a practice flight for the Great Tennessee Air Show in Smyrna, Tennessee. The crash happened during a low-altitude maneuver near the Smyrna-Rutherford County Airport. A Navy investigation later revealed that pilot error and fatigue contributed to the accident.

Lieutenant Kuss, a decorated pilot with over 1,400 flight hours, was deeply respected for his dedication and skill. His passing profoundly impacted the Smyrna community, which honored his memory by dedicating a memorial and naming a park after him "Captain Jeff Kuss USMC Memorial". This event remains a sad moment in the history of the Blue Angels and the town of Smyrna.

References:
- U.S. Navy. (2016). "Blue Angel No. 6 Pilot Killed in Crash in Smyrna, Tennessee." Retrieved from Navy.mil.
- CNN. (2016). "Blue Angels pilot dies in Tennessee crash." Retrieved from CNN.
- The Tennessean. (2016). "Smyrna Blue Angels crash: What we know." Retrieved from The Tennessean.
- WSMV Nashville. (2016). "Community mourns loss of Blue Angels pilot after Smyrna crash." Retrieved from WSMV.

Stocks notched a solid gain as dovish comments from Federal Reserve officials boosted the market’s recovery from early August lows.

The Standard & Poor’s 500 Index rose 1.45 percent, while the Nasdaq Composite added 1.40 percent. The Dow Jones Industrial Average picked up 1.27 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, gained 2.98 percent.^1,2

Dovish Week

Stocks started the week strong, rallying after Wall Street welcomed dovish comments from Minneapolis Fed President, Neel Kashkari. The S&P 500 and Nasdaq each posted gains on Monday–the 8th consecutive winning session. The Dow rose for the 5th session in a row.^3,4

From there, markets traded in a narrow band until Wednesday afternoon when minutes released from the July 30-31 FOMC Meeting revealed more dovish comments. On Thursday, stocks dipped ahead of Fed Chair Jerome Powell’s annual Jackson Hole, Wyoming, speech.^5,6

Well-received comments from Powell on Friday boosted markets, with all three averages closing higher.⁷

^{Article from gsam.com : Resisting Recession}

“In a gentle way, you can shake the world.”

– Mahatma Gandhi

Gig Economy Tax Tips

There are some essential tips to remember if you work as a gig worker, someone who takes temporary work through one or more employers:

• All income from these sources is taxable, regardless of whether you receive information returns; this includes both full-time and part-time work and if you're paid in cash.
  
  
• As a gig worker, you must be correctly classified as an employee or an independent contractor; this can depend on where you live, even for the same services.

Lastly, it's important to remember to pay the correct amount of taxes on this income throughout the years to avoid owing when you file. Because gig employees don't have an employer withholding taxes from their paychecks, they can either submit a new W-4 and have their employer withhold more from their paycheck (if they have another job as an employee) or make quarterly estimated tax payments throughout the year.

*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.gov⁹

Boost Your Productivity With These Tips

Take regular breaks. It seems counterintuitive, but most people are more productive when they take regular breaks. 

Do the challenging tasks first. Mark Twain famously said to "eat the frog first thing in the morning," meaning you should tackle your most difficult task immediately. 

Make two to-do lists. One that has your weekly goals and objectives and one that has your daily tasks. 

Divide large projects into manageable steps. Make the things on your to-do list specific so you can continue to cross things out and make progress.

Tip adapted fromFormstack¹⁰

Labor Day Grilled Corn and Avocado Salad

Ingredients:

• 4 ears of fresh corn, husked
• 2 ripe avocados, diced
• 1 pint cherry tomatoes, halved
• 1 small red onion, finely diced
• 1/4 cup fresh cilantro, chopped
• 1/4 cup crumbled feta cheese (optional)
• Juice of 2 limes
• 2 tablespoons olive oil
• Salt and pepper to taste
• 1 teaspoon chili powder (optional for a bit of heat)

Instructions:

1. Grill the Corn:Preheat your grill to medium-high heat. Lightly brush the corn with olive oil and grill, turning occasionally, until the corn is slightly charred and cooked through, about 10-12 minutes. Let it cool slightly, then cut the kernels off the cob.

2. Prepare the Salad:In a large mixing bowl, combine the grilled corn kernels, diced avocados, halved cherry tomatoes, diced red onion, and chopped cilantro.

3. Dress the Salad:In a small bowl, whisk together the lime juice, olive oil, salt, pepper, and chili powder (if using). Pour the dressing over the salad and toss gently to combine.

4. Finish and Serve:Sprinkle the crumbled feta cheese over the salad if desired. Serve immediately as a fresh and vibrant side dish that’s perfect for a Labor Day picnic or BBQ.

Tips:

• This salad can be made ahead of time but add the avocado just before serving to keep it fresh.
• Pair this salad with grilled meats or a veggie burger for a complete Labor Day meal.
• If you don’t have a grill, you can char the corn in a cast-iron skillet on the stove.

This grilled corn and avocado salad is light, flavorful, and perfect for celebrating Labor Day with a fresh and seasonal twist!

Anna, a supermarket clerk, has not slept during any of the past six nights, yet she is not tired. How can this be?

Last week’s riddle: It stands higher than any tree, yet it seemingly takes forever to grow, and you can’t see its roots. You won’t have to shimmy up any trunk to reach its top. What is it? Answer:A mountain.

Moraine Lake 

Banff National Park, Canada

Footnotes and Sources

^{1.The Wall Street Journal, August 23, 2024}

^{2.Investing.com, August 23, 2024}

^{3.The Wall Street Journal, August 23, 2024}

^{4.The Wall Street Journal, August 19, 2024}

^{5.MarketWatch.com, August 22, 2024}

^{6.Reuters.com, August 22, 2024}

^{7.The Wall Street Journal, August 23, 2024}

^{8.The Wall Street Journal, August 23, 2024}

^{9. IRS.gov, May 8. 2024}

^{10.Formstack, May 8, 2024}