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 market funds and CDs followed. These were finally reasonable returns, up from the…

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