Omg! The US risk-free rate is at 2.31% now.

The 10-year treasury yield is at 2.31% and is below the Ioer (2.35%).  The US banks with excess cash won't invest in the 10y treasury now because the Ioer return is better.

https://sg-stock.blogspot.com/2019/05/will-us-fed-reduce-its-interest-rates.html

The US economic situation is getting dicey now.