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A $700 billion insurance product is powering the US credit market rally | Olivia Raimonde & Alicia Clanton

An insurance product that consumers use to help fund their retirements is selling at record levels, powering demand for corporate debt and commercial mortgage bonds. Last year, sales of annuities, which allow consumers to effectively buy income for the rest of their lives, reached an all-time record high of $385…
Steven Abrahams Torsten Slok Bryan Hodgens Ted Reardon Dec Mullarkey Federal Reserve

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