USA Today's John Waggoner says that two funds are already yielding below 1%, with more to follow. "Some funds now collect more money in expenses than they pay investors. That hasn't happened since 2001," he says.

Waggoner also says, "Money funds invest in short-term, high-quality IOUs and distribute the interest to investors. When the Fed reduces rates, the yields of money funds tumble, too. The Fed has cut its key federal funds rate five times, to 3%, since September."

"It's a good time to look at your expenses," says Peter Crane of Money Fund Intelligence, which tracks the funds," quotes the piece.

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