The SEC's Rule on Money Market Funds

The Fed has been quite clear, we think, about their intention to keep rates higher for longer. And again, there is the risk that the Fed might overdo it. At some point, you get that type of both latinar, that sort of last gasp move on the curve before the Fed ultimately relents. But we just think that being along the back end again, it's it guards against both of those curve scenarios that I just discussed. It works in an environment where you do have so much that's priced for steepening in forwards and so little that's priced in duration terms.

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