Key Q2 Takeaways:
- The “Trump trade” continues to have legs despite the lack of breakthrough in policy as risk assets performed well in Q2.
- Global growth progresses slowly but inflation is waning, testing the resolution of central banks.
- The Fed intends to continue with its normalization program for rates and its massive balance sheet later in the year.
- Low volatility levels across asset classes dominate markets for now.
- Pension funded status nudged lower for most plans during the quarter.
- Several sizable pension risk transfer exercises were announced during the quarter, including Sears, Accenture, and The Hartford.
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