NISA in the News

NISA Chief Economist Stephen Douglass was recently quoted in a Barron’s article analyzing the Federal Reserve’s latest policy decision and Chair Jerome Powell’s assessment of the U.S. economy. At its January meeting, the Federal Open Market Committee held interest rates steady, signaling that monetary policy is close to neutral and...

In P&I’s recent article looking ahead to 2026, CEO and Head of Investment Strategies David Eichhorn is quoted discussing the rising institutional investor interest in derivatives-based strategies to enhance risk‑reward profiles and a greater use of “portable alpha” approaches to realign with policy targets. Full article available to subscribers at...

The Wall Street Journal’s Dow Jones Market Talk featured Stephen Douglass’ opinion that the bond market serves as the ultimate safeguard of the Federal Reserve’s independence. Douglass said, “The bond market will be the ultimate protector of the Fed's independence. Until you actually get that rejection by the bond market,...

A Chief Investment Officer article highlighting how tighter liquidity, evolving monetary policy and potential economic slowdown could shape credit market dynamics in the months ahead. Director of Investment Strategies Rick Ratkowski noted the biggest driver of fixed-income investment performance since the COVID-19 pandemic has been the sharp rise in interest...

NISA’s Director of Investment Strategies David Murad was a collaborator in a piece with National Conference on Public Employee Retirement Systems (NCPERS). In the article, they explore the value of applying a holistic framework that aligns asset and liability considerations to strengthen the sustainability of public pensions plans. Read the...

David Eichhorn was recently featured on Bloomberg Intelligence’s FICC Focus Credit Crunch podcast series discussing a wide range of topics with Bloomberg Global Director of Research, FICC Strategy, Noel Hebert. They discussed the firm’s origins in St. Louis, its consultative approach driven by tailored benchmarks and its steadfast commitment to...

NISA’s Chief Economist Stephen Douglass was quoted in a Reuters article discussing the Federal Reserve’s latest moves in the T-bill market and dynamic behind its timing. Stephen shared his perspective on the market conditions that likely influenced the Fed’s decision – underscoring how repo market pressures persisted even after quantitative...

Aoiffinn Devitt hosted Stephen Douglass for an extensive conversation about the forces shaping today’s economy and markets on the Markets Happy Hour podcast. From inflation’s continued bite on Main Street to the Fed’s latest policy moves, private credit risks and the implications of AI enthusiasm, Devitt and Douglass covered the...

Matt Grossman from the Wall Street Journal connected with NISA’s Chief Economist Stephen Douglass around his perspective on the latest jobs report and potential impact on the Fed’s upcoming rate decision. Stephen’s comments were featured in the Dow Jones’ Market Talk publication and summarized in the Wall Street Journal.

As the government shutdown continues, NISA's Chief Economist Stephen Douglass explains in a Financial Times article this week about how the lack of official economic data is complicating the Fed’s deliberations. Without updated jobs reports from the Bureau of Labor Statistics, leaders at the Federal Reserve and beyond are relying...

In a recent ThinkAdvisor article on building a “personal pension” with bond ladders, NISA’s Director of Investment Strategies Dan Scholz explains why traditional bond funds often fall short for income‑focused investors. These funds mimic the cashflow profile of market indices, which Dan notes may not align with specific payout needs...

Listen to the Capital Allocators’ podcast with Ted Seides interviewing David Eichhorn, NISA CEO and Head of Investment Strategies. Listen on Apple, Spotify or wherever you get your podcasts.

In a recent P&I article, "Fitch credit downgrade isn't worrying institutional investors; seen as political warning,” David Eichhorn, NISA CEO and head of investment strategies, is quoted saying: "The ratings downgrade itself is largely inconsequential, other than the reminder it serves that fiscal profligacy has consequences." Read the article here.

In a recent Q&A with BCG Pension Risk Consultants | BCG Penbridge, NISA’s David Eichhorn, CEO and Head of Investment Strategies, shares key considerations in determining if hibernating a portfolio or executing a pension risk transfer is the better choice for plan sponsors and their participants.

Assessment of Pension Risk Transfer (PRT) providers’ creditworthiness is critical, yet considerably more difficult given developments in the PRT market and the opaqueness and financial engineering often involved. To aid fiduciaries choosing an insurer as part of a PRT transaction, NISA developed an additional tool that uses spreads on insurer...

Ranked by Pensions & Investments as the largest LDI manager in the U.S. for 2021,1 NISA offers their perspective on key structural differences between the U.S. and U.K. LDI markets. David Eichhorn, NISA CEO and Head of Investment Strategies, was recently a guest of Ira Jersey’s on Bloomberg Intelligence’s Macro...

NISA’s thought leader paper, “The Disparity Among Risk Parity Managers,” has attained wide media recognition. In it, we found no solid evidence of alpha among risk parity managers, but did find what we believe to be a better benchmark and investment strategy. CIO Magazine Markets/Business Insider Associated Press

Some things never age, apparently. We thought you might enjoy this P&I article from almost 30 years ago about the growing interest in fixed income investment strategies—and in particular about one of the young mavericks who left academia to apply his theories. You'll see that much of the discussion from...