We have frequently discussed the “reach for yield” trade as “lower-for-longer” global interest rate policies have forced investors to seek higher yield through a shift to longer duration and/or lower credit quality. Pensions and insurance firms have been a big part of the tightening on the long end of the curve as they seek to match asset duration with their long-term liabilities…a never ending feedback loop where lower yields result in more forced buying and even lower yields.