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"Net corporate interest expense has gone down this year. It is effectively as if the Fed cut rates. Why? Because corporates took advantage of QE to term out borrowing at record-low rates and are now earning 5%+ interest on their cash:" DB's George Saravelos pic.twitter.com/3YrDBOioFG

— Lisa Abramowicz (@lisaabramowicz1) October 2, 2023