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The "sure thing" trend in blue failed. That's water under the bridge.
The "sure thing" trend in red shall never fail! Mwuhahaha!
What does this mean? Although we're repeatedly told that companies are flush with cash, some companies apparently feel the need to continually borrow more of it. Go figure.
FRB: Commercial Paper
Commercial paper (CP) consists of short-term, promissory notes issued primarily by corporations. Maturities range up to 270 days but average about 30 days. Many companies use CP to raise cash needed for current transactions, and many find it to be a lower-cost alternative to bank loans.
St. Louis Fed: Commercial Paper of Nonfinancial Companies