Money Market Funds, T-Bills, Large CDs, Small CDs: Americans Learn to Arbitrage the Higher-for-Longer Interest Rates

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There’s no need to still pay a “loyalty tax” to the banks. It’s sort of an anniversary: Treasury bills of three months or shorter have been selling at auction with yields over 5% since mid-April 2023. And since mid-May 2023, they have been selling with yields in the 5.2% to 5.6% range. Money…

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