Yes. But think institutional investors of various flavors rather than personal, individual accounts. The 2-3% is the Fed funds rate; actual rates on government

Yes. But think institutional investors of various flavors rather than personal, individual accounts. The 2-3% is the Fed funds rate; actual rates on government and commercial bonds will be somewhat higher. (A friend recently pointed out the current 6% advertised rate on lower-grade commercial bonds.) Couple that with much lower risks (on things that aren't those 6% bonds) and it becomes a good third option for anyone whose previous choice was between -3% inflationary return on cash and stock market risks.