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Day 1,575: punter, t-bills, short-dated Treasury accounts, money-market fund
When treasury bonds (or t-bills) last yielded as much as they do today—5.5%—punters were relieved that the world had not been destroyed by the millennium bug, Destiny’s Child were atop the charts and the dotcom bubble was going strong.
As with retail short-dated Treasury accounts, money-market funds are attractive to savers because they are highly liquid, meaning that cash can be withdrawn quickly if required.
Artwork of the day
Gamblers
Pavel FedotovDate:1852Style:RealismGenre:genre paintingMedia:oil, canvasLocation:Museum of Russian Art (Tereshchenko Museum), Kyiv, UkraineDimensions:60.5 x 70.2 cm
Word of the day
punter: a person who gambles (= risks money guessing the result of something)
money-market fund: a kind of mutual fund that invests in highly liquid, near-term instruments
Quote of the day
“What a rotten shilling punter!" said Bramble, tearing her bread to bits. "I can't believe he stole our things! Especially the watch! We stole that watch first, fair and square!”
― Heather Dixon, Entwined
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