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A lower rating on U.S. debt could cost taxpayers if it leads borrowers to demand higher interest rates on Treasury bills and notes.

For savers looking for safe places to park their cash, the much higher yields on online savings accounts, CDs and short-term Treasury bills are welcome.

With the federal funds rate above 5 percent, rich yield has spilled into money market funds and Treasury bills of up to one year in duration.

In Spain, individuals held 15% of all outstanding Treasury bills as of March, up from almost zero since 2015 and the highest level on record according to Treasury data going back to 2002.

Treasury Secretary Janet Yellen last week said her department was monitoring for signs of market disruptions as the government rebuilds its cash balance through Treasury bills.