The rate guarantee language has been removed from all marketing materials including the state-specific booklets and rate sheets.

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The year also saw Arctic sea ice hit a record low in more than 30 years of satellite observations and studies that found the world's major ice sheets have been shrinking at an increasing rate.

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In mature markets, with the turbo-boost of leverage gone and bank balance-sheets still to be slimmed, a growth rate in line with GDP is probably as much as can be hoped for.

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The Federal Reserve will continue their low rate policy so that U.S. banks strengthen their balance sheets.

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The key is to tiptoe carefully into a diversified group of high-yield names with specific maturities whose balance sheets are good and whose price moves, based on interest rate fluctuations (called duration), will be muted.

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While the unemployment rate has remained high, U.S. companies have fixed their balance sheets, with companies ranging from Apple to Pfizer sitting on record cash piles.

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The ability to assume mortgages at a much lower rate of interest could get the 1.5 million foreclosed homes off banks' balance sheets and make room again for productive lending.

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While most VCs have a signing rate of 50%, in 11 years in the business, writes Grant, Hornik offered 28 term sheets and got 25 acceptances.

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