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Cash drag costs $500,000 annually and liabilities duration gap exists, Cullen Roche warns

Cash drag costs $500,000 annually and liabilities duration gap exists, Cullen Roche warns
Cash drag and duration gap concerns

Cullen Roche highlights a financial issue involving cash drag, stating that Mr. Ross is losing roughly $500,000 each year in missed T-Bill interest. He adds that Treasury coupons are exempt from California income tax, presenting a potential tax advantage.

Roche also points out a more significant concern: a duration gap. He notes that Mr. Ross's liabilities have an effective duration of about eight years, suggesting a mismatch with the duration of his assets.

Roche previously analyzed Modern Monetary Theory recommendations during COVID, raising concerns about proposals for larger deficits and low interest rates in an earlier piece (article). He has also commented that household net worth relative to income has reached record highs but cautioned about trends in profit and compensation (article). These topics reflect his ongoing focus on economic policy and household financial health.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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