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Yield Illusions
Entry #0923
Why a fixed rate in a variable system is a promise, not a number
When everything funding a yield floats, a fixed rate is not a measured value but a commitment someone must cover, and its firmness depends on their ability to pay.
Adept
The hidden part
#0923
A fixed rate over floating inputs is a promise someone must fund. Its firmness is the backstop's solvency, not the number.