By: Russ Kamp, CEO, Ryan ALM, Inc.

We are pleased to share with you the Ryan ALM, Inc. 1H’25 Newsletter. As always, we hope that you find our ALM insights useful. We encourage you to reach out to us with any of your questions or observations. Despite the rollercoaster nature of 2025’s first half, pension America is enjoying a strong YTD. Although we aren’t in the game of forecasting U.S. interest rates, there is a fairly good chance that rates will maintain current levels or even elevate from here, as multiple forces are working to once again lead to higher inflation. Rising rates are great for the liability side of pensions. Perhaps not as positive for assets.