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It's shell I/O redirection.
X>Y redirects file descriptor X to file Y. In this case X is missing and defaults to standard output: this means that rc0's output is being written to /dev/msglog
X<>Y opens Y for read and write operations and assigns it to file descriptor X, in this case 2 (stderr).
<Y accepts input from a file (in this case /dev/console).
Bye,
Enrico.
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