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by uup 1347 days ago
But did they really enter into these hedges after the GFC? It seems like rates were already near-zero so it wouldn’t have made much sense to hedge against lowering rates.
1 comments
benj111 1347 days ago
Id read the Matt Levine article https://www.bloomberg.com/opinion/articles/2022-09-29/uk-pen...

The hedge is because they moved to stocks because of low yields on bonds.

link