Higher Interest Expense Finally Bites For Corporate America

By now, it's a familiar refrain: Interest costs (or at least interest payments) for the largest US corporates have diverged entirely from the trajectory of rates. The story goes something like this. Companies opportunistically tapped capital markets in 2020 and 2021, terming out their debt and locking in low rates. Enormous cash piles were deployed to fund operations in 2022 shielding firms from rising borrowing costs. Whatever wasn't spent earned 5%, effectively turning cash-rich corporates in

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