Insurers swapping out bond portfolios for higher-yielding credit instruments found deep in the capital structure.
DC members and smaller DB schemes get long-awaited access to illiquid assets.
Investors appear to be focused on the government’s pandemic-related stimulus and vaccination programs, and are questioning inflation expectations and the implications for real yields.
We believe this is an exceptional period in global market monetary policy. In real time we are witnessing several countries using yield curve control (YCC) policies in varying forms.