hey believe repatriation could put upward pressure on bank funding costs as firms reduce their holdings in these short-term investments. According to Crane Data on offshore money fund holdings, our rates team cites that $161bn of offshore funds are held in commercial paper and CDs, of which the majority are f

83889 Take cash first. Three-month U.S. Treasury bills yield 1.4%. The highest-returning institutional money-market funds yield 1.5%, according to Crane Data. How could cash earn more than twice that rate of return over the long run? To be fair, Treasury bills over the past half-century have returned an