The number of underfunded plans in the danger zone in the US has exploded, according to IFEBP (Int'l Fdn of Employee Benefit Plans).
This is corroborated by discussions I have had with various market professionals. What if those plans "derisked" and pursued an LDI framework now? They would be locking in losses. On the other hand, imagine another 30% decline in equities...
Between a rock and a hard place.
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