Illinois Borrowing Costs Rise by 22.5%, Expect Conditions to Worsen; Sideline Cash Nonsense From Nuveen

``There is also $1.5 trillion of excess reserves at the Fed. However, those reserves, have an associated liability as well. Even if that was not the case there would be a problem of duration match. Do investors want to load up on Illinois debt at 1.85% for 10 years. Nuveen might, but that does not make it an intelligent thing to do. I see no value here at all.''