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Investment adviser urges Fairfield Township to lock rates with short-term bonds, use Huntington for custody
Summary
At a recent Fairfield Township meeting, an investment adviser reviewed the township’s cash and investment holdings and recommended buying bonds with maturities up to five years to lock current yields and reduce volatility.
At a recent Fairfield Township meeting, an investment adviser reviewed the township’s cash and investment holdings and recommended buying bonds with maturities up to five years to lock current yields and reduce volatility.
The adviser said the township holds about $15,000,000 in investments in an insured cash sweep (ICS) account as of March 31 and described that product as a spread of bank CDs across institutions to remain within FDIC coverage. The adviser warned that short-term rates on ICS-type products can fall quickly if the Federal Reserve cuts rates again and said the Ohio Revised Code allows the township to buy bonds with maturities…
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