Barron's writes "`Cash Is No Longer Trash. T-Bill Yields Near 4%." The piece tells us, "Cash is no longer trash. For the first time in 15 years, investors can get nearly 4% yields on U.S. Treasury bills, while rates on some money-market funds have hit 2% and likely are heading higher. These yields were around zero at the start of 2022. The rate rise helps formerly yield-starved savers who have suffered for most of the past decade and a half with sub-1% short-term yields." Barron's also says, "The added income on the enormous pool of money-market funds and other short-term bond assets also could provide a lift to the economy. One loser is the U.S. government, which is paying more on its borrowings. Other beneficiaries from higher short rates are cash-rich companies like Berkshire Hathaway, Apple, Alphabet, and Microsoft." They add, "Individual investors can also buy T-bills through liquid exchange-traded funds like the $23 billion iShares Short Treasury Bond ETF (SHV), which holds Treasuries with an average maturity of about four months, and the $20 billion SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The iShares SHV ETF has a 30-day yield of 2.5% based on a Securities and Exchange Commission methodology. The SPDR Bloomberg BIL ETF's SEC yield is 2%. Investors willing to take slightly more interest-rate risk can buy the iShares 1-3 Year Treasury Bond ETF SHY (SHY) with an average maturity of around two years and SEC yield of 3.3%. The $42 billion Vanguard Short-Term Corporate Bond ETF (VCSH) carries an SEC yield of more than 4% and an average maturity of 3 years.... Money-market fund yields also are rising. The huge, $216 billion Vanguard Federal Money Market Fund (VMFXX) now has an SEC yield of 2.15% and that yield probably is heading higher."

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