Fidelity Investments published a rare Money Market Monthly Commentary titled, "Inflated Uncertainties." It states, "In addition to the uncertain interest rate path, our funds are also experiencing a decline in money market eligible supply as the Treasury navigates the constraints on their issuance program as a result of having reached the debt ceiling earlier this year. Treasury Bills declined by $​212 billion during the month of March to a total outstanding amount of $​6.​155 trillion. Going forward we anticipate further declines of Treasury Bill supply until a resolution is reached on the debt ceiling." It continues, "​Going into this challenging market environment, our funds were positioned shorter than our respective peer groups. According to the Crane Data at the end of March, Government institutional funds had an average WAM of 34 days and an average WAL of 93 days while Government retail funds had an average WAM of 31 days and an average WAL of 87 days. Prime institutional funds ended the month with an average WAM of 29 days and an average WAL of 50 days while Prime retail funds had an average WAM of 29 days and an average WAL of 53 days. As we have always done, we will continue to prioritize both liquidity and price stability in our money market funds." They say, "After continuing to trade in a tight range for most of the period, both fixed rate yields and floating rate spreads moved higher amid the recent tariff driven volatility. Fixed rate CD/​CP yields moved higher and the curve flattened (​though the overall curve remained inverted) over the period with the 3-​month tenor rising to 4.​45% to 4.​50% and the 6-​month tenor rising to 4.​40 to 4.​50% on light volume." Fidelity also notes, "According to the ICI data, total money market fund assets increased ~$​6 billion to $​7.​031 trillion from the beginning of March to the beginning of April. During this time, Government money market funds decreased by ~$​14 billion to $​5.​751 trillion and Prime money market funds grew by ~$​15 billion to $​1.​142 trillion."

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