Mutual funds own 1/6 of US corporate bonds. They perform maturity transformation by offering daily redemption despite holding assets that are quite illiquid, particularly in a run. Fed forced to step in. Point of emphasis in new Fed FSR.
federalreserve.gov/publications/f… https://t.co/DZLniMJaRN
By contrast with life insurers, US public pension systems have shifted away from fixed-income securities as interest rates fell. Moodys
June 28, 2022
By contrast with life insurers, US public pension systems have shifted away from fixed-income securities as interest rates fell. Moodys via daily shot newsletter from