Kathleen Pender writes about municipal money market funds in todays San Francisco Chronicle. The article, however, appears late to the party since tax-exempt money fund yields have begun rebounding sharply (up 32 bps Friday) following the collapse in supply and yields, and as the threat of bond insurer downgrades to muni money funds recedes. The piece quotes Oppenheimer tax-free money fund manager Cameron Ullyatt, "Money market funds are supposed to be very conservative.... We are selling that paper right and left."

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