FIA Market Briefing

Wednesday, April 15, 2026
● FIA RATE ENVIRONMENT: NEUTRALMixed signals — rates likely holding steady
Fed Watch
Fed Funds Rate Target
4.25% – 4.50%
Next FOMC Meeting
May 6–7, 2026
Yield Curve & Rates
3.61%
2-Year Treasury
-0.01 this week
Normal
+66 bps
10Y minus 2Y
4.27%
10-Year Treasury
-0.07 this week

What this means for FIA rates: The 10-year Treasury fell -0.07% this week to 4.27%, compressing insurer bond income and putting modest downward pressure on FIA cap rates and participation rates. The yield curve is normal (+66 bps), a healthy sign for insurer long-term portfolio returns.

Key FIA Rate Drivers
10-Year Treasury Yield↓0.07 this week
10-Year Treasury Yield
VIX (Volatility)↓29.29% this week
VIX (Volatility)
What This Means for FIA Cap Rates

The 10-year pulling back to 4.27% reduces the bond income insurers use to fund options budgets. VIX at 18.2 limits the damage — expect modest downward pressure on cap rates if yields continue lower.

FIA Rate Outlook

Slight headwind for rates. Yields are pulling back, reducing the bond income insurers use to fund FIA options budgets. Stable VIX helps limit the damage. The 10-year moved from 4.34% to 4.27% over the week, and VIX went from 25.78 to 18.23. The yield curve is positive (66bps spread) — a healthy sign for insurer portfolio returns. Rates may drift slightly lower if yields continue falling, but nothing dramatic with volatility staying calm.

Client Talking Points Today
  • →Rate environment is stable — a good window to review existing FIA positions and consider reallocation.
  • →Markets are up — the S&P gained 5.38% this week. Remind clients that FIAs let them participate in gains like these while protecting their principal from downturns.
FIA-Linked Index Performance
S&P 500↑5.38% this week
S&P 500
NASDAQ↑7.47% this week
NASDAQ
Russell 2000↑6.50% this week
Russell 2000
2-Year Treasury↓0.28% this week
2-Year Treasury

Today Financial Agency • Jed Monsen • 801.857.1069

Questions about FIA positioning? Book a call with Jed →