‘An Incredibly Surprising Result’

I've been on (and on and on) about the extent to which windfall interest income on corporate cash piles likely helped offset, at the aggregate level anyway, the rising cost of debt. The "aggregate level" bit is important. If you're sitting on a mountain of cash, there's a decent chance your cost of debt is quite low and vice versa. That's the corporate "haves" versus "have-nots" phenomenon. The "haves" enjoy ready access to capital markets which were anyway wide open in 2020 and 2021 thanks to