Milliman：2026年在通货膨胀的利率环境中，美国人寿保险公司的资产配置和投资策略报告（英文版）

After more than a decade of economic expansion, much of the world entered a low-interest-rate environment following the 2008 global financial crisis. As shown in Figure 1, the 1-year Treasury rate remained near 0 until 2017 when the rates started to rise. In 2019, the rates began to fall again, close to 0% from 2020 to 2022 due to the COVID-19 pandemic. From March 2022 to July 2023, the U.S. Federal Reserve (Fed) raised interest rates 11 consecutive times to combat the highest inflation in 40