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But did they really enter into these hedges after the GFC? It seems like rates were already near-zero so it wouldn’t have made much sense to hedge against lower

by uup 4y ago

But did they really enter into these hedges after the GFC? It seems like rates were already near-zero so it wouldn’t have made much sense to hedge against lowering rates.

benj111 4y ago
Id read the Matt Levine article https://www.bloomberg.com/opinion/articles/2022-09-29/uk-pensions-got-margin-calls-l8szudjy https://www.bloomberg.com/opinion/articles/2022-09-29/uk-pen... The hedge is because they moved to stocks because of low yields on bonds.