  We discuss how local moment physics is modified by the presence of
interactions in the conduction sea. Interactions in the conduction sea are
shown to open up new symmetry channels for the exchange of spin with the
localized moment. We illustrate this conclusion in the strong-coupling limit by
carrying out a Schrieffer Wolff transformation for a local moment in an
interacting electron sea, and show that these corrections become very severe in
the approach to a Mott transition. As an example, we show how the Zhang Rice
reduction of a two-band model is modified by these new effects.
