Where is the arbitrage in the CD market?

I was never a fan of buying bank CDs. Especially long term CDs that often had yields that were often at or below the rate of inflation. I viewed them as something only a grandmother could love. But after realizing that a bank CD is more properly viewed as bond with an implicit US government guarantee (up to certain amount), it was time to compare them to treasuries. And that is when I found something quite interesting (thanks to the writing of ... read more)