The Fed is not a standard currency banker

Pensions Are Almost Fully Funded and Coming for Your Bonds 

A “massive rotation” into corporate bonds from equities may be on the horizon for U.S. pension funds as they become fully funded, according to strategists at Bank of America Corp.

Investment gains boosted the funded ratio of the 100 largest corporate plans to 98.8% in May, according to Milliman. That measure of defined benefit pension assets to liabilities has surged from 82% since July 2020, data from the risk management firm show.

Why are econ Phd programs so naive.

The Fed exits the corporate bond market, their liquidity in in a tight loop, out the front and in the rear. Janet says it is time to taper. And pensions take price at the market peak.

Like, seriously, do econs call this currency banking?