Yield, yield everywhere, but not (much of) a drop to earn in dollar bank accounts (with apologies to Samuel Tayler Coleridge1). In July 2023, the US Federal Reserve raised the federal funds rate for the 11th time in the current hiking cycle - to a target range of 5.25% - 5.5%, from around zero as recently as the first quarter of 2022. So, over just 16 months, the US central bank raised the fed funds rate by more than 5%. US banks, on the other hand, not so much.

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