标普：股市上涨助力美国养老金回报率冲上11%

Core Insights - S&P Global Ratings reports that U.S. public pension funds are benefiting from strong stock market returns, exceeding conventional investment expectations [1] - Analysts project pension return rates to reach 11%-12% for the fiscal year ending in June, driven by significant stock price increases [1] - The report indicates a forecasted return rate of 16%-17% for the fiscal year 2024, with a typical one-year lag in pension data reporting [1] Summary by Categories Pension Fund Performance - The strong performance of U.S. public pension funds is attributed to robust stock market returns, surpassing traditional investment forecasts [1] - The anticipated pension return rate for the fiscal year ending in June is between 11% and 12%, despite a market downturn in April [1] Market Conditions - The S&P 500 index experienced a significant drop, losing over $5.4 trillion in market value within two trading days due to investor reactions to President Trump's tariff plans [1] - The report highlights that fund managers typically set a minimum return target of 7% to maintain funding adequacy [1] Future Projections - S&P Global has raised the discount rate guidance from 6% to 6.5%, anticipating that advancements in technology, such as artificial intelligence, and private equity returns will continue to drive market growth [1] - The analysis suggests that if U.S. public pension plans continue to outperform expectations, alongside the maturation of new technologies and stabilization of Federal Reserve interest rates, there will be improvements in market returns and funding conditions [1]