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if 10 yr rates rise 1.5%, ( lacking a table here ), my rough guess would be that 10 yr instruments in genaral would be down 12%.

the investor in Tbills can then buy a 4.5% 10 yr and ear it.

if rates turn, yes the degree matters, but total returns will go negative, all the while earnings on MM funds will be rising and rising , with an unch NAV.

People won Tbills for purpose!

In 1981 somebodies owned 14% tbonds instead of 3month 19% CDs,

and that even after a few yrs of negative Total returns on bonds.

Why ?
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