Episode 324: Ahead Of The Curve

Sam Kaplan, Rates and Securitized Portfolio Manager at Jennison Associates, returns to the InsuranceAUM.com Podcast to share his perspective on today’s evolving rates landscape. With the Fed cutting front-end rates while long-end yields remain elevated, Sam explores the forces reshaping the curve and what insurers need to know about duration, relative value, and term premium.   In this conversation with host Stewart Foley, Sam outlines the implications of shifting monetary policy, labor market trends, and fiscal dynamics on fixed income portfolios. He highlights how insurers can evaluate opportunities across the curve, from three- to seven-year maturities to the longer end, and why relative value considerations are changing in ways many haven’t seen before.   The discussion also touches on practical considerations for insurers - whether now is the right time to extend duration, what risks lie ahead if Fed independence is challenged, and how market participants are adapting to heightened uncertainty. For anyone navigating today’s fixed income environment, Sam provides timely insights and a framework for staying “ahead of the curve.”