(Bloomberg) -- The Federal Reserve has made it clear that short-term rates are on lockdown until the unemployment rate drops from its current 7.6 percent to 6.5 percent. That gives ammo to money managers who say "cash is trash." A federal funds rate stuck near zero means cash will continue to deliver negative real returns for some time.

Who in their right mind, the standard Wall Street taunt goes, would own cash when it’s a guaranteed losing proposition?

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