When it comes to your investment portfolio, I don’t want it stuck in a bank. They lend your cash for a song and pay you peanuts. Instead, consolidate your lazy cash at Fidelity. I like the Fidelity Treasury Money Market yielding just shy of 4.5%. I also like individual bonds paying fixed-income investors yields we haven’t seen in a generation. If you need help, I’m here.
Justin Baer writes in The Wall Street Journal:
In the latest sign that higher interest rates are weighing on banks’ balance sheets—as customers find better yields elsewhere— deposits were down 11% at Schwab and 5% at State Street from the previous quarter and down 30% and 11%, respectively, from a year earlier. Brokerage giant Schwab still reported a profit increase, and its shares gained 3.9%. State Street missed expectations and its shares fell 9.2%, the S&P 500’s biggest drop.
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Originally posted on Your Survival Guy.