Despite asset managers playing an increasingly pivotal role in investment decisions—leading to more similar portfolios—analysis of life insurance firms and their advisers reveals a relatively small threat to financial stability.

When the Fed lowers its benchmark policy rate, the reduction is usually reflected in a variety of consumer finance rates, notably mortgages. However, there are reasons to believe that such a reduction might not prompt an increase in the volume of mortgage refinances and prepayment activity as has historically occurred.

The U.S. faces a historically high federal debt-to-GDP ratio, a measure of debt relative to economic output. But how sensitive are interest rates to higher debt?