As of this date, the Federal Open Market Committee (FOMC) has increased short-term interest rates eleven times in the last sixteen months to combat inflation. As a result, interest rates on short-term investments have increased dramatically, providing higher yields on Treasury securities and other investments permitted under the Connecticut General Statutes for municipalities. Municipalities can invest general fund moneys at these rates to increase investment income for their budgets. Investing the proceeds of tax-exempt obligations at yields higher than the yield on the respective bonds or notes, however, can create a potential liability to the United States Treasury.