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Rising Rates Make Big Companies Even Richer
Large companies are gaining from rising rates because they issued bonds locking in low rates far into the future. Microsoft has locked in low borrowing costs on it bonds with interest payments unchanged at $292 million in the last quarter. It doubled what it earned on interest on $111 billion cash and short term investments, going from $552 million to $902 million in the last quarter, gaining from the annualized interest payments increase to 3.3% from 2.1%. This means more money is available for shareholders, investment and employees. Smaller companies who could not raise that much money and have to issue new bonds face higher borrowing costs.
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