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Pam and Russ Martens: Stampede into govt. money-market funds foils Fed's effort to raise rates
By Pam and Russ Martens
Wall Street on Parade
Monday, March 27, 2023
On Sunday Financial Times reporters Brooke Masters, Harriet Clarfelt and Kate Duguid published an article under the headline: "Money market funds swell by more than $286 billion as investors pull deposits from banks." ...
The Financial Times article is talking about the uninsured money market funds.
So why would Americans be flocking to these uninsured money market funds during the latest banking panic?
... Dispatch continues below ...
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We found our answer in the data released by the Investment Company Institute. According to ICI's statistics, $276.49 billion of that $286 billion reported by the Financial Times (or a whopping 97% went into a very specific type of money market fund -- the kind that holds short-term debt instruments guaranteed by the U.S. government. These are referred to as "government money market funds." ...
... For the remainder of the report:
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