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NISA in the News

July 30, 2026

CNBC and Barron’s quote NISA Chief Economist Stephen Douglass

NISA Chief Economist Stephen Douglass was recently quoted in both CNBC and Barron’s following this week’s Federal Reserve meeting, where the FOMC voted 9-3 to hold interest rates steady. Three policymakers dissented in favor of a rate hike, the highest number calling for an increase since September 2016. As quoted...

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July 29, 2026

The Associated Press Quotes Stephen Douglass

The Federal Reserve is expected to hold rates steady at its meeting today, but pressure is mounting on Fed Chair Kevin Warsh to take action as inflation remains persistently above the Fed's 2% target. Renewed conflict in the Middle East has pushed gas prices back above $4 a gallon nationally,...

July 17, 2026

EQDerivatives Quotes Mohan Balachandran on Market Neutral Strategies

In a recent article by EQDerivatives, NISA’s Head of Quantitative Equity Mohan Balachandran shared his perspective on the growing institutional demand for equity market neutral strategies amid geopolitical uncertainty and increased equity volatility. Mohan noted that, "Demand for market neutral strategies has accelerated and we believe recent equity whipsaws have...

June 23, 2026

Stephen Douglass Quoted in Financial Times

PCE is set to be released Thursday and is anticipated to sharpen market views on the strength of spending. Consumer spending has been steady despite higher energy costs driving inflation, but this resilience may be tested going forward. NISA Chief Economist Stephen Douglass was quoted in the Financial Times with...

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June 18, 2026

MarketWatch Quotes Stephen Douglass, NISA Chief Economist

Chairman Warsh’s first FOMC meeting yielded a hawkish surprise in the dot plot and substantial changes to the Fed’s communication policies. In addition to shortening the FOMC statement and dropping forward guidance, Chairman Warsh announced five task forces on various aspects of monetary policymaking. According to NISA Chief Economist Stephen...

June 17, 2026

EQDerivatives Quotes Ken Lester, NISA Managing Director, Portfolio Management

While speaking in a fireside chat at Global EQD with Pierre Trecourt, co-founder of Premialab, Ken highlighted the importance of precision in the implementation of defensive portfolios and said the real value of QIS’s transparency is that it allows for real-time monitoring of risk. Ken shared NISA's experience implementing more...

June 12, 2026

MarketWatch Quotes NISA’s Chief Economist

In the MarketWatch article "The 4.2% inflation rate is a bummer, but the worst might be over," written by Jeffry Bartash and published June 10, 2026, NISA’s Chief Economist Stephen Douglass weighed in on the CPI report. Though the tariff landscape is evolving in response to legal challenges, the impact...

June 11, 2026

NISA Senior Leadership Additions in the STL Business Journal

We are pleased to announce the expansion of our Senior Leadership Team as mentioned in the St. Louis Business Journal. Forest Wolfe is joining as our next General Counsel and Heidi Ridley as Managing Director, Business Development. Forest Wolfe will serve as NISA’s General Counsel following the planned retirement of...

June 5, 2026

Forbes Features NISA Research in Private Credit Structural Analysis

A recent Forbes article titled "The Wrapper Is The Alpha: Lessons From Q1 2026 About Private Credit," authored by Steven Brod, CEO and CIO of Crystal Capital Partners, draws a critical distinction between private credit as an asset class and the vehicle structures used to access it — and references...

June 3, 2026

Rick Ratkowski Quoted in Bloomberg on Shifting Pension Demand for Corporate Bonds

Bloomberg recently featured Rick Ratkowski, Managing Director of Investment Strategies at NISA, in a piece examining a major shift in the corporate bond market. As company pension plans reach historic funding levels, the long-running de-risking trend that has driven demand for corporate bonds is beginning to slow. Rick offered his...

May 15, 2026

Stephen Featured on Bloomberg Podcast Series

NISA's Chief Economist Stephen Douglass joined Ira Jersey, Bloomberg Intelligence's Chief U.S. Interest Rate Strategist, on the latest edition of FICC Focus's Macro Matters podcast. Stephen shares his view that the U.S. economy remains broadly on a soft-landing path, though the war will delay further rate cuts by the Federal...

April 29, 2026

MarketWatch Quotes Stephen Douglass

As Federal Reserve Chair Jerome Powell prepares for the final press conference of his tenure, bond markets are feeling the pressure of rising oil prices tied to the ongoing Iran war. Brent crude futures have climbed back above $109 a barrel, unsettling Treasury markets and keeping borrowing costs elevated. Stephen...

April 27, 2026

The Insightful Investor Podcast Features David Eichhorn

A recent episode of The Insightful Investor with Alex Shahidi featured David Eichhorn’s perspective on navigating financial markets. Much of the discussion centered on ideas that have guided NISA from the beginning: leading with clients' best interests, grounding decisions in rigorous research and advising honestly about where NISA’s expertise begins...

April 20, 2026

“Much of Fixed Income Alpha is Really Beta: CEO”—Fundfire’s Interview with David Eichhorn

NISA CEO and Head of Investment Strategies, David Eichhorn, describes NISA’s “true alpha” approach to fixed income investing in a recent Fundfire interview. David explains that, unlike many managers who use "alpha" and "excess return" interchangeably, NISA takes a more purist approach: Seeking skill-based outperformance vs. beta, taking on more...

April 20, 2026

Fed Hits Pause Likely Until the Fall

March's inflation report came in close to expectations, but the details tell a more complex story for the Federal Reserve. Surging energy prices drove an increase in headline inflation, and core goods prices accelerated despite waning tariff effects. NISA’s Chief Economist, Stephen Douglass, noted that the Fed is firmly on...

April 10, 2026

P&I Interviews NISA’s CEO: Discussing Alpha, Private Credit and Pension Risk

CEO and Head of Investment Strategies, David Eichhorn, spoke with Pensions & Investments, sharing his views on some of today's most pressing topics for institutional investors. David makes the case for why the "Sell America" narrative is overdone and offers his longstanding perspective on pension risk transfers. He also digs...

April 9, 2026

David Eichhorn Featured in Barron’s

Barron's recently examined the growing pressures facing private credit markets from rising financing costs and widening bond spreads to elevated redemptions across Business Development Companies (BDCs). With BDC bond yields climbing to an average of about 6.5% and public BDC share prices down 15% this year, the economics of leverage...

March 26, 2026

David Eichhorn Speaks with Fundfire on NISA’s Approach to Asset Owner Partnerships

CEO and Head of Investment Strategies, David Eichhorn, interviewed with Fundfire to discuss the firm's approach to cultivating relationships with asset owners and why NISA’s approach to engaging with potential clients doesn’t quite fit the industry’s model for "distribution." Fundfire subscribers can watch the video or review the full transcript...

March 16, 2026

NISA’s Stephen Douglass Featured in the Financial Times

Our Chief Economist, Stephen Douglass, was quoted in the Financial Times this week, offering his perspective on how the Federal Reserve may navigate the economic fallout from the ongoing conflict in the Middle East. With higher oil prices expected to contribute to a stagflationary environment, the Fed faces the difficult...

March 9, 2026

Stephen Douglass Quoted in the Wall Street Journal on Key Inflation Divergence

NISA’s Chief Economist Stephen Douglass was recently quoted in a Wall Street Journal article examining the growing divergence between two key inflation measures—the Consumer Price Index (CPI) and the Personal Consumption Expenditures index (PCE). The article explores why the two gauges are currently telling very different stories about inflation, and...

January 30, 2026

Stephen Douglass Quoted in Barron’s on the Federal Reserve’s Policy Outlook

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...

January 12, 2026

David Eichhorn Featured in Pensions & Investments’ Article Looking Ahead in 2026

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...

January 12, 2026

Dow Jones Market Talk Features Stephen Douglass’ Opinion

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,...

January 7, 2026

From Rising Rates to High Yield Potential: Rick Shares Insights with Chief Investment Officer

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...

January 7, 2026

David Murad Collaborates with National Conference on Public Employee Retirement Systems

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...

December 30, 2025

David Featured on Bloomberg Podcast Series

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...

December 19, 2025

Stephen Speaks to Reuters on Fed’s T-bill Purchase Plans

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...

December 19, 2025

Stephen Douglass Featured on Markets’ Podcast

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...

December 16, 2025

The Wall Street Journal Includes Stephen Douglass’ Perspective

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.

November 2, 2025

Stephen Douglass Quoted in Financial Times

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...

October 31, 2025

Dan Scholz Quoted in ThinkAdvisor

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...

September 5, 2024

Capital Allocators’ Podcast Features NISA’s CEO and Head of Investment Strategies

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.

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August 2, 2023

NISA’s David Eichhorn Quoted by P&I

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.

March 28, 2023

BCG Spotlight Series

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.

February 24, 2023

NISA’s Pension Risk Transfer (PRT) Assessment Captures Media Attention

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...

October 27, 2022

NISA on Bloomberg Intelligence Podcast

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...

June 6, 2022

NISA’s Thought Leadership Gets Media Attention

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

March 8, 2016

A Blast from the LDI Past

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...

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