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Goldman Sachs Has Bad News for Investors Rushing to Buy the Dip



As U.S. short-term rates rise, fund managers see some opportunities

With the Federal Reserve likely to accelerate the removal of its unprecedented stimulus, some short-term rates have moved higher and offered money fund managers rare opportunities to generate yield. For example, three-month commercial paper rates that financial companies use to fund short-term cash flows, have jumped to 17 basis points, from 11 basis points a month ago. The three-month Libor rate, a market benchmark that is being phased out, has increased to 20 basis points, from 13 basis points in late October, and yields on one-year Treasuries have hit one-and-a-half-year highs, even as shorter-dated yields remain relatively moribund.

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