Wells Fargo’s New Annuity Wagon

Wells Fargo Asset Management's new target-date series of CITs comes with a built-in, optional retirement income strategy: systematic withdrawals plus an annuity starting at age 85.
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U.S. spends $3.4 trillion in 11 months

Federal outlays through August totaled $3.4 trillion, up 2% from the same period last year. Receipts in the first 11 months totaled $2.2 trillion, up $126 billion from the same period last year. (Federal fiscal year ends Sept. 30, 2012.)

The Bucket

Brief or late-breaking items from New York Life, Phoenix Companies, Strategic Insight, BlackRock, DST Systems Inc., AXA Equitable Life, and Principal Financial.

Fed pledges action until economy shows gains

The Fed also acknowledged its limits. “Monetary policy, particularly in the current circumstances, cannot cure all economic ills,” the Fed chairman, Ben S. Bernanke, said at a news conference.