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Is this an ominous sign that another recession is looming?

Yes — cash is back.

Once again people who don’t want to take on the risks of the stock market or the bond market or the gold market or any other market — and just want a reasonable rate of return on their savings without having to worry — are starting to feel some love.

Interest rates on two-year certificates of deposit or CDs — not quite “cash,” but pretty close — have just cracked 3% for the first time since living memory. And rates on parallel two-year Treasury bonds are not far behind. Just a couple of years ago they were offering barely half a percent — and this minuscule rate of interest, of course, was fully taxable too.

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