hat's how it should have been all along. But the Fed's interest rate repression killed competition for deposits.
People – and I mean massive numbers of people – have finally figured out that they've been getting screwed by near-0% interest rates on their bank deposits, and they're moving huge sums of money around, as deposits have suddenly turned into hot money, forcing banks to respond by offering better deals. And the land is now awash with banks offering 5%-plus on CDs, and people are moving huge sums from some banks into other banks, from money-market accounts to CDs, from checking and savings accounts to CDs, money market accounts, etc., and they're massively piling into Treasury securities. The goal is low-risk 4% to 5%-plus.