The U.S. Federal Reserve rolled out its third emergency credit program in two da...
WASHINGTON/NEW YORK - The U.S. Federal Reserve rolled out its third emergency credit program in two days to battle the fallout from the virus crisis, this one aimed at keeping the $3.8 trillion money market mutual fund industry functioning if investors make rapid withdrawals.
Money market mutual funds are meant to serve as low risk places for households and companies to hold cash, and limit their investments to high-grade assets like government bonds and a type of short-term corporate credit known as commercial paper. While there have not been widespread redemptions from money market funds and total fund assets rose by nearly $94 billion last week, investor demands for cash have been increasing.
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