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June 9, 2010, Cover Stories, Company/Trade Group News
You May Live in Interesting Times
Interest rate risk keeps us all in suspense. Here’s how executives at Vanguard, New York Life, Delta Global Advisors, Prudential Annuities, and Loomis, Sayles cope with the uncertainty.
With the Fed Funds rate resting near the freezing point (Celsius), and probably stuck there awhile, members of the financial industry live in varying degrees of suspense over the direction of U.S. interest rates.
Low short-term interest rates, coupled with an historically-high maturity spread for Treasuries, certainly help the banks. They're also a tonic for stocks, which thrive on the absence of competitive bond yields. Low rates also minimize Uncle Sam's potentially massive borrowing costs.
But near-zero short-term rates tend to victimize savers, hurt sales of rate-dependent fixed annuities, increase the cost of hedging the risks of variable annuity riders, and drive up the funding requirements of pension fund managers.
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