Basis Points - A Year in Review for Reinvestment Rates

Basis Points – A Year in Review for Reinvestment Rates

In 2022, short-term interest rates rose significantly. This was an obvious trend that captured many headlines throughout the year. What may have been less apparent to market participants was the fact that about mid-way through the year, we began seeing consistent opportunities for positive arbitrage between 20-year tax-exempt borrowing rates