Link of The Day
WSJ: SEC, Brokerage Sweeps Settle
The Wall Street Journal writes, "Banks Scrimped on Customer Interest. Now They’re Paying for It." The article explains, "Wall Street is starting to pay the price for the stingy interest rates it gave some customers for their cash. Wells Fargo and Bank of America's Merrill Lynch unit agreed to pay a combined $60 million to settle Securities and Exchange Commission probes into the accounts that hold cash for some of their wealth-management clients, the agency said Friday. Investors often have some incidental cash in their brokerage accounts, including from dividends and interest on their holdings. Many firms automatically put that money into so-called sweep accounts that pay very low interest rates. The settlement over these sweep accounts follows a period when brokerages paid clients minimal interest even when broader rates were rising." It tells us, "When the Federal Reserve started raising its benchmark rates in 2022, banks kept paying very little on sweep accounts. That allowed them to increase profits, since they were able to raise the interest rates they charged on loans to keep pace with the Fed's hikes. Similar products such as money-market funds reached around 5%.... While this extra cash usually makes up a small percentage of any individual account, taken together, it is a pot of money worth billions of dollars for a big bank. 'It's a giant cash machine,' said Peter Crane, who tracks these accounts for his firm Crane Data." The piece adds, "Bank of America, Morgan Stanley and Wells Fargo last year substantially raised the rates they pay on cash in these advisory accounts, where clients pay a management fee instead of commissions on trades. Bank of America's Merrill unit, for instance, went from paying effectively nothing to shelling out about 4.2%. Paying more costs the banks money. In October, Wells Fargo said paying these customers more shaved $128 million off the bank's quarterly profit from interest. Morgan Stanley has said the SEC has asked for information about its sweep accounts. Money in accounts overseen by financial advisers makes up about 10% to 20% of the $2 trillion sweeps market, according to Crane. The rest of that money sits in brokerage accounts that aren't subject to adviser requirements, and those accounts are still earning little. The average rate on sweep deposits under $250,000 fell after the Fed started cutting rates last year and is now 0.4%, according to Crane Data." (See the SEC's release, "SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs.")
MMF Assets Plummet on Tax Date
ICI published its latest "Money Market Fund Assets" report Thursday, which shows money fund assets falling $54.9 billion to $6.862 trillion, after surging $66.1 billion in the first week of the New Year to a record $6.916 trillion. Money fund assets have risen in 17 of the last 24, and 28 of the last 39, weeks, increasing by $558.0 billion (or 8.9%) since the Fed cut on 9/18/24 and increasing by $884.1 billion (or 14.8%) since 4/24/24. MMF assets are up by $901 billion, or 15.1%, in the past 52 weeks (through 1/15/25), with Institutional MMFs up $477 billion, or 13.1% and Retail MMFs up $424 billion, or 18.2%. Year-to-date, MMF assets are up by $11 billion, or 0.2%, with Institutional MMFs down $51 billion, or -1.2% and Retail MMFs up $23 billion, or 0.8%. ICI's weekly release says, "Total money market fund assets decreased by $54.89 billion to $6.86 trillion for the week ended Wednesday, January 15, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $50.98 billion and prime funds decreased by $936 million. Tax-exempt money market funds decreased by $2.97 billion." ICI's stats show Institutional MMFs decreasing $55.0 billion and Retail MMFs increasing $0.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.633 trillion (82.1% of all money funds), while Total Prime MMFs were $1.093 trillion (15.9%). Tax Exempt MMFs totaled $136.0 billion (2.0%). It explains, "Assets of retail money market funds increased by $59 million to $2.76 trillion. Among retail funds, government money market fund assets increased by $375 million to $1.76 trillion, prime money market fund assets increased by $2.72 billion to $876.19 billion, and tax-exempt fund assets decreased by $3.04 billion to $124.24 billion." Retail assets account for over a third of total assets, or 40.2%, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $54.95 billion to $4.10 trillion. Among institutional funds, government money market fund assets decreased by $51.36 billion to $3.88 trillion, prime money market fund assets decreased by $3.66 billion to $216.94 billion, and tax-exempt fund assets increased by $65 million to $11.73 billion." Institutional assets accounted for 59.8% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $10.2 billion in January through 1/15/25 to $7.235 trillion. (They hit a record high on 1/7 at $7.266 trillion before falling this past week.) Assets rose by $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September, $109.7 billion in August, $16.6 billion in July, $15.7 billion in June and $91.4 billion in May. They declined by $15.8 billion in April and $68.8 billion in March. They rose $72.1 billion in February and $93.9 billion last January. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're about $340 billion lower than Crane's asset series.
BlackRock Starts Off Q4'24 Earnings
BlackRock posted its Q4'24 earnings and hosted its earnings call yesterday, and, as usual, made a number of comments on cash and fixed-income CFO Martin Small comments, "BlackRock houses whole portfolio solutions for clients, the world's number one ETF franchise by assets, flows and breadth of exposures, a $3 trillion fixed income platform across active and index, $700 billion managed for insurance companies, over $350 billion in models, direct indexing and SMAs for wealth managers, over $900 billion in cash management AUM, leading advisory services and our proven Aladdin technology with $1.6 billion in revenues." He explains, "BlackRock cash management saw $81 billion of net inflows in the fourth quarter and $153 billion in 2024. Flows were driven by both U.S. government and international prime funds and included multiple large new client mandates. We continue to see strong growth in our cash and liquidity platform built on our scale and integrated offerings with AUM up 20% year-over-year." CEO Larry Fink adds, "Clients holding cash on the sidelines missed out on a 25% total return in equities last year.... Long-held investing principles need to evolve, including the traditional 60-40 portfolio mix of stock and bonds." Asked about "Money in Motion," Fink replies, "Let me just talk about the rate market. We've been living in a world of the inverted yield curve, and you had the ability to earn the highest return, keeping your money in cash. Now you missed out on some great equity market movements. But as you notice, the yield curve is steepening. So you're going to over the time you're going to be benefiting by going out the curve. That being said, there is close to $10 trillion of money in money market funds as that money will be put to work. And as I said, with the steepening of the yield curve and with higher rates, it's going to lead to some great opportunities in the fixed-income area." Asked about fixed-income flows, President Rob Kapito says, "A more balanced term structure of interest rates is an indicator that we're going to watch to indicate the potential demand for intermediate and longer duration fixed-income. And this has been negative for years and now the U.S. term premium has reached its highest level in a decade. Now we see that people are under-allocated to fixed-income -- we see that through our models business -- and we see that they're looking to increase their weightings in longer duration fixed income. And whether there's above market steepener or a bear market steepener, I do believe some of that large allocation to cash that Larry mentioned being around $10 trillion is going to look for opportunities to increase their income. And with countries around the globe at deficits, there is going to be a lot of issuance, and you'll see the premium over treasuries be significant enough to move that money from cash into intermediate and longer-term duration fixed-income. So last year, we saw a strong demand. Our fixed income flows were $164 billion in 2024. That's driven 6% organic asset growth and that included $24 billion in the fourth quarter alone." He adds, "So the other part is the run-up in equities last year actually over -- made them over-allocated to equity, so they need to catch up in fixed income. So I think it continues to roll into cash, and then cash as rates change move into intermediate and longer duration fixed-income paper."
ICI's MMF Portfolio Holdings Summary
ICI's latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds, tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in December, prime money market funds held 42.6 percent of their portfolios in daily liquid assets and 58.1 percent in weekly liquid assets, while government money market funds held 77.5 percent of their portfolios in daily liquid assets and 88.0 percent in weekly liquid assets." Prime DLA was up from 41.3% in November, and Prime WLA was down from 58.7%. Govt MMFs' DLA fell from 77.6% and Govt WLA increased from 87.7% the previous month. ICI explains, "At the end of December, prime funds had a weighted average maturity (WAM) of 29 days and a weighted average life (WAL) of 50 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 38 days and a WAL of 91 days." Prime WAMs were 3 days shorter and WALs were 4 days shorter from the previous month. Govt WAMs were 1 day shorter and WALs were unchanged from November. Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas rose from $514.72 billion in November to $632.02 billion in December. Government money market funds' holdings attributable to the Americas rose from $5,061.10 billion in November to $5,277.26 billion in December." The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $632.0 billion, or 59.4%; Asia and Pacific at $206.5 billion, or 19.4%; Europe at $204.2 billion, or 19.2%; and, Other (including Supranational) at $22.2 billion, or 2.2%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.277 trillion, or 92.9%; Asia and Pacific at $121.1 billion, or 2.1%; Europe at $263.1 billion, 4.6%, and Other (Including Supranational) at $19.2 billion, or 0.3%.
Crane 100 MF Index Lower to 4.19%
Money fund yields (7-day, annualized, simple, net) fell by 6 basis point to 4.19% on average during the week ended Friday, Jan. 10 (as measured by our Crane 100 Money Fund Index), after falling 2 bps the week prior and 7 bps two weeks prior. Fund yields have digested almost all of the Federal Reserve's 25 basis point cut from December 18, though they may inch a touch lower in coming days. They've declined by 87 bps since the Fed first cut its Fed funds target rate by 50 bps percent on Sept. 18, and they've declined by 44 bps since the Fed cut rates by 1/4 point on 11/7. Yields were 4.45% on 11/30, 4.65% on average on 10/31, 4.75% on 9/30, 5.10% on 8/31, 5.13% on 7/31 and 6/28, 5.14% on 3/31 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 678), shows a 7-day yield of 4.10%, down 7 bps in the week through Friday. Prime Inst money fund yields were down 5 bps at 4.30% in the latest week. Government Inst MFs were down 9 bps at 4.19%. Treasury Inst MFs were down 5 bps at 4.15%. Treasury Retail MFs currently yield 3.94%, Government Retail MFs yield 3.90%, and Prime Retail MFs yield 4.09%, Tax-exempt MF 7-day yields were down 100 bps to 1.80%. Assets of money market funds fell by $17.9 billion last week to $7.230 trillion, according to Crane Data's Money Fund Intelligence Daily. For the month of January, MMF assets have jumped by $56.1 billion, after increasing by $110.9 billion in December, $200.5 billion in November, $97.5 billion in October and $149.8 billion in September. Weighted average maturities were up 1 day at 38 days for the Crane MFA and up 1 day at 38 days for the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (1/10), 115 money funds (out of 790 total) yield under 3.0% with $143.9 billion in assets, or 2.0%; 169 funds yield between 3.00% and 3.99% ($392.6 billion, or 5.4%), 506 funds yield between 4.0% and 4.99% ($6.693 trillion, or 92.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was down 3 bps to 0.40%, after dropping 1 bp the week prior. The latest Brokerage Sweep Intelligence, with data as of Jan. 10, shows three changes over the past week. Ameriprise lowered rates to 0.15% for accounts between $1 and $249K, to 0.30% for accounts of $250K to $499K, to 0.60% for accounts of $500K to $999K, and to 1.59% for accounts of $1M to $4.9M for their Ameriprise Insured Money Mkt Acct. Ameriprise Cash rates were also lowered to 0.15% for all accounts. Merrill Lynch lowered their Advisory rates to 4.21% for all accounts. Raymond James lowered rates to 0.15% for accounts between $1 and $249K, to 0.35% for accounts of $250K to $999K, to 1.55% for accounts of $1M to $4.9M, and to 2.25% for accounts of $10M or more. Three of the 10 major brokerages tracked by our BSI still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
Reuters on Global Money Fund Inflows
Reuters writes, "Global money market funds draw huge inflows on caution over potential tariffs." They explain, "Investors piled into global money market funds in the week through Jan. 8, spurred by concerns over potential tariff increases with the upcoming change in the U.S. administration and caution ahead of a critical jobs report that could reshape expectations for Federal Reserve rate cuts <b:>`_. According to LSEG Lipper data, investors channeled $158.73 billion into global money market funds, their second largest weekly net purchase since April 2020." They add, "Global bond funds also saw significant activity, receiving $19.5 billion, the second inflow in the past four weeks. Government bond funds alone attracted $1.94 billion, their second influx in six weeks, and loan participation funds gathered $2.24 billion."
ICI published its latest "Money Market Fund Assets" report Thursday, which shows money fund assets surging $66.1 billion in the first week of the New Year to a record $6.916 trillion, after jumping $42.1 billion in the last week of 2024. Money fund assets have risen in 17 of the last 23, and 28 of the last 38, weeks, increasing by $612.9 billion (or 9.7%) since the Fed cut on 9/18/24 and increasing by $939.0 billion (or 15.7%) since 4/24/24. MMF assets are up by $941 billion, or 15.8%, in the past 52 weeks (through 1/8/25), with Institutional MMFs up $516 billion, or 14.2% and Retail MMFs up $426 billion, or 18.3%. ICI's weekly release says, "Total money market fund assets increased by $66.08 billion to $6.92 trillion for the eight-day period ended Wednesday, January 8, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $47.45 billion and prime funds increased by $15.40 billion. Tax-exempt money market funds increased by $3.23 billion." ICI's stats show Institutional MMFs increasing $43.5 billion and Retail MMFs increasing $22.5 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.683 trillion (82.2% of all money funds), while Total Prime MMFs were $1.094 trillion (15.8%). Tax Exempt MMFs totaled $138.9 billion (2.0%). It explains, "Assets of retail money market funds increased by $22.53 billion to $2.76 trillion. Among retail funds, government money market fund assets increased by $10.94 billion to $1.76 trillion, prime money market fund assets increased by $8.82 billion to $873.48 billion, and tax-exempt fund assets increased by $2.77 billion to $127.28 billion." Retail assets account for over a third of total assets, or 39.9%, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $43.54 billion to $4.16 trillion. Among institutional funds, government money market fund assets increased by $36.51 billion to $3.93 trillion, prime money market fund assets increased by $6.57 billion to $220.59 billion, and tax-exempt fund assets increased by $461 million to $11.67 billion." Institutional assets accounted for 60.1% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $60.8 billion in January through 1/8/25 to $7.235 trillion. (They hit a record high on 1/7 at $7.266 trillion before inching lower on Wednesday.) Assets rose by $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September, $109.7 billion in August, $16.6 billion in July, $15.7 billion in June and $91.4 billion in May. They declined by $15.8 billion in April and $68.8 billion in March. They rose $72.1 billion in February and $93.9 billion last January. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're about $340 billion lower than Crane's asset series.
Fitch Gives AAA to State Street MMFs
A press release titled, "Fitch Assigns 'AAAmmf' Ratings to Three State Street Money Market Funds" tells us, "Fitch Ratings has assigned 'AAAmmf' ratings to the State Street Federal Treasury Money Market Fund Advantage Class, State Street Federal Treasury Plus Money Market Fund Advantage Class and State Street Federal Government Money Market Fund Advantage Class. The funds are each part of a master-feeder structure in which they invest substantially all of their investable assets in corresponding master portfolios. The respective master portfolios are the State Street Treasury Money Market Portfolio, State Street Treasury Plus Money Market Portfolio and State Street U.S. Government Money Market Portfolio, each rated 'AAAmmf' by Fitch." It explains, "The funds are government and treasury money market funds, seek to maintain stable prices of $1.00 per share and are expected to comply with Rule 2a-7. SSGA Funds Management, Inc. acts as the investment adviser for these funds. The funds are expected to launch on Jan. 6, 2025. Fitch reviewed the funds' prospectus and investment guidelines and master portfolios' holdings as of October 2024 to complete its rating analysis." Fitch adds, "The 'AAAmmf' ratings reflect Fitch's review of the funds' investment guidelines, credit quality and diversification, duration guidelines, and liquidity profile, as well as the capabilities of SSGA Funds Management, Inc. to manage the assets of the funds. The 'AAAmmf' ratings assigned to the funds indicate an extremely strong capacity to achieve the investment objectives of preserving principal and providing liquidity through limiting credit, market and liquidity risk.... The funds seek to invest exclusively in a diversified portfolio of U.S. Treasury and government money market instruments, and may also hold cash. The State Street Federal Treasury Plus Money Market Fund and State Street Federal Government Money Market Fund both expect to utilize repurchase agreements.... The funds are managed by SSGA Funds Management, Inc., a wholly owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation."
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of Jan. 3) includes Holdings information from 61 money funds (down 12 from a week ago), or $3.651 trillion (down from $4.020 trillion) of the $7.248 trillion in total money fund assets (or 50.4%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our Dec. 11 News, "Dec. Money Fund Portfolio Holdings: Treasuries Jump Again, Repo Dips.") Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.829 trillion (down from $1.976 trillion a week ago), or 50.1%; Repurchase Agreements (Repo) totaling $1.224 trillion (down from $1.326 trillion a week ago), or 33.5%, and Government Agency securities totaling $309.9 billion (down from $353.1 billion), or 8.5%. Commercial Paper (CP) totaled $112.9 billion (down from a week ago at $144.8 billion), or 3.1%. Certificates of Deposit (CDs) totaled $63.7 billion (down from $80.5 billion a week ago), or 1.7%. The Other category accounted for $75.3 billion or 2.1%, while VRDNs accounted for $36.1 billion, or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.829 trillion (50.1% of total holdings), Fixed Income Clearing Corp with $395.2B (10.8%), the Federal Home Loan Bank with $200.3 billion (5.5%), JP Morgan with $83.5B (2.3%), RBC with $83.0B (2.3%), Federal Farm Credit Bank with $74.6B (2.0%), BNP Paribas with $71.9B (2.0%), Citi with $68.0B (1.9%), Goldman Sachs with $63.9B (1.7%) and The Federal Reserve Bank of New York with $57.2B (1.6%). The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($304.5B), Goldman Sachs FS Govt ($280.3B), JPMorgan 100% US Treas MMkt ($240.0B), Fidelity Inv MM: Govt Port ($221.1B), Morgan Stanley Inst Liq Govt ($185.4B), State Street Inst US Govt ($171.0B), BlackRock Lq FedFund ($170.9B), BlackRock Lq Treas Tr ($156.6B), Fidelity Inv MM: MM Port ($144.7B) and Allspring Govt MM ($132.2B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Bond Fund Symposium Heads to Calif.
Crane Data is ramping up preparations for our eighth annual ultra-short bond fund event, Bond Fund Symposium, which will take place March 27-28, 2025 at the Hyatt Regency in Newport Beach, Calif. Crane's Bond Fund Symposium offers a concentrated and affordable educational experience, as well as an excellent networking venue, for bond fund and fixed-income professionals. Registrations are now being accepted ($1,000) and speaking and sponsorship opportunities are available. See the latest agenda here and details below. Portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of bond funds and fixed-income investing will benefit from our comprehensive program. A block of rooms has been reserved at the Hyatt Regency. We'd like to thank our past sponsors and exhibitors -- Wells Fargo Securities, Fitch Ratings, Fidelity Investments, J.P. Morgan Asset Management, Allspring Global, S&P Global Ratings, StoneX, Invesco, BofA Securities, Northern Trust, Bloomberg Intelligence, Goldman Sachs, Federated, Payden & Rygel, PIMCO and Dechert -- for their support. (We'd also love to get some new ones!) E-mail us for more details. We're also starting to make plans for our next big show, Money Fund Symposium, which will be held June 23-25, 2025, at The Renaissance Boston Seaport in Boston. (Let us know if you'd like details.) Finally, mark your calendars for next year's European Money Fund Symposium, which will be held Sept. 25-26, 2025 in Dublin, Ireland and for next year's Money Fund University, which will be held Dec. 18-19, 2025 in Pittsburgh, Pa. Watch for details on these shows in coming weeks and months.
MSN: Should I Park Cash in a MMF?
MSN asks, "Recent US election results have me concerned for the economy - should I park my cash in a money market fund over the next 4 years?" The piece says, "In September, the Federal Reserve began its rate-cutting cycle. However, that hasn't discouraged investors from pouring money into U.S. money-market funds. According to Bloomberg, the assets under management in these mutual funds crossed a record $7 trillion in November. So they're clearly still pretty popular despite the fact that they will deliver lower returns as interest rates are cut." They write, "If you're feeling skittish about the economy in the wake of the recent election, you may gain some financial security by putting your cash into a money market fund. But you should know that there are some drawbacks to consider, too.... It may seem curious that investors are flocking to MMFs at this time. One possible reason is that they aren't expecting interest rates to come down significantly in the near future. 'Few people seriously expect a return to ZIRP (zero interest rate policy). Indeed, since the Fed started easing in September, markets have begun pricing in fewer cuts and the implied terminal rate has risen by around a full percentage point, and MMF inflows have accelerated. While there are myriad alternatives to MMFs, all come with downsides,' explained Jamie McGeever of Reuters in November."
BankRate: Yields Will Outpace Inflation
BankRate writes, "Savings and money market account rates forecast for 2025: Yields will dip but remain higher than inflation." The article says, "Expect savings and money market account yields to slide lower this year, but they still should outpace inflation, according to the latest forecast from Bankrate chief financial analyst Greg McBride. McBride believes savings and money market yields will be 3.8 percent annual percentage yield (APY) for top-yielding nationally available accounts at the end of 2025; that's 1.25 percentage points (or 125 basis points) lower than the highest yield at the end of 2024. Meanwhile, the national average yield is projected by the end of 2025 to be 0.35 percent APY for savings accounts and 0.4 percent APY for money market accounts." It states, "McBride expects three, 25 basis-point rate cuts from the Federal Reserve in 2025. The Fed, however, is currently projecting two cuts for the year. But, according to McBride, if inflation stays lower as expected, it will be another banner year for savers. 'Any periods where yields were outpacing inflation tend to be pretty short-lived,' McBride says." The piece adds, "[I]n 2024, there weren't any rate increases, but savers benefited from the 550 basis points of rate increases from previous years and lower inflation that stayed relatively stable. Since March 2023, the top savings yield has been outpacing inflation. This is very different from June 2022, when inflation was at 9.1 percent and the top savings yield was only around 1.61 percent APY at that time."
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