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August 19, 2026
The Treasury Department surprised markets this morning by announcing their intention to at least double the pace of buyback operations in long-end Treasuries, apparently motivated by the steady increase in long-term yields over the past two months. This intervention may flatten the curve in the short term, but it is neither costless nor a permanent solution to the fundamental causes…
August 11, 2026
The Pension Surplus Risk Index (PSRX®) fell 0.1% to 6.5%.
August 3, 2026
The equity rally broadened and credit spreads widened in the face of heavy supply. Meanwhile, the yield curve flattened after a hawkish FOMC announcement and the price of oil tumbled on evolving optimism toward a resolution to the Middle East conflict.
July 17, 2026
David Eichhorn and Stephen Douglass discuss the communications changes that new Federal Reserve Chairman Warsh has implemented in his first month on the job. The June FOMC Statement – which was the shortest since 1994 – provided one conspicuous example of the central bank’s newly-taciturn style.
July 8, 2026
NISA’s Pension Risk Transfer (PRT) Credit Risk Monitor is a market-based measure of the relative credit risk of common PRT annuity providers (“insurers”) designed to assist fiduciaries in identifying a “safest annuity available” PRT provider as required by the Department of Labor’s Interpretive Bulletin 95-1.
