With more consumers looking for ways to make and save money, these websites, which sell short-dated and out-of-date food and drink, have become big business.
This magnitude of rate cut seems to be largely priced into short-dated bonds, but we are more constructive on the intermediate maturities of the yield curve, such as five-year paper.
That meant both short-dated and long-dated interest rates were practically the same, with no immediate advantage to investors investing on a three-month or a five-year bond.