@DanielaGabor If AE lenders want to bail in the bond holders then they must stand ready to substitute concessional lending on a large scale to compensate for lack of market access.
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