Since the financial crisis, for a relatively liquid investment CLOs consistently have had the highest spreads net of capital costs for US life insurers.
We raised the probability of Recession to 55% after virus-induced shocks, oil prices’ collapse and violent market volatility. We are de-risking, adding very high quality duration, while expecting credit markets to cheapen and reserve currencies to do well
A preliminary analysis
Summary notes from the NAIC Fall 2019 National Meeting.
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Capital framework discussion from the NAIC 2019 Summer National Meeting.
NAIC 2019 Summer National Meeting Key takeaways
Bond yields remain at or near historic lows around the world, leading to a substantial increase in the value of pension plan liabilities.
NAIC discusses capital framework.