Subject: Re: Articles on the quarterly results
Why do you say real rates haven't risen?
https://tradingeconomics.com/u...
5 year TIPS is at 2.2% (real yield) which is near the peak for the last 10 years.

It's just that it's a discussion about the "cash" pile. Which is in reality held as a mix of 3-month and 6-month T-bills.

In the last 18 months CPI is up 7.1%, or 4.7%/year compounded.
The interest rate on 3 month T-bills in that stretch has been something like 4.55%, or about 3.6% after tax.
So, a real loss in the vicinity of 1.1%/year. Over a billion bucks.

Jim