The Wall Street Journal's Brett Arends notes the attractiveness of tax exempt money market fund yields in "`Wacky Credit Gyrations Yield Some Easy Money". The piece says, "Money market funds are near-cash vehicles that often provide ordinary investors with the best short-term savings rates. Unlike CDs they don't come with a federal guarantee, but they have historically proven as secure as a guaranteed bank account and usually pay slightly higher interest." Also, see yesterday's WSJ article "Auction-Rate Securities May Get Help", which discusses attempts to convert auction-rate securities into money fund-eligible variable-rate demand notes.

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