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A Major Margin Call
The Compound and Friends
The One Day Move Was Bigger Than Most Years, Right?
Rising interest rates should be good for pensions. It makes the funded status appear better, but that's assuming they don't have a 27 standard deviation move overnight. The collateral values reduced, they were forced to put up more collateral. And in some cases, they were running through all of their excess collateral collateral. They're on a large portion of the total outstanding government bonds, is that right? Yeah, they do, they do.
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