Brian Chappatta, Columnist

Beware a $12 Trillion Pension Revolt Against Low Rates

U.S. Treasury yields may need to double to make the math work for defined-benefit plans.

July 10, 2020 at 10:00 AM UTC

Brian Chappatta is managing editor of Bloomberg News' wealth group. He was previously team leader of billionaires coverage in the Americas. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

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Photographer: Cesar Manso/AFP/Getty Images

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The Federal Reserve’s towering $7 trillion balance sheet looks small in comparison to the U.S. defined-benefit pension industry. With more than $12 trillion of retirement assets across corporate America and state and local governments, these liability-driven investors have enough firepower to move financial markets if they so choose.

Their next potential target just might be the world’s biggest bond market.

Before it’s here, it’s on the Bloomberg Terminal

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