[dehrmann]

This is a good explanation, but the real, inflation-adjusted bond yield is still negative.

[buzzy_hacker]

Is it? The 12-month inflation rate for May 2023 was 4% and the federal funds rate is 5%.

[dehrmann]

Remember that the move away from VC started over a year ago, but... Once you factor in corporate taxes, you're still at 0%.