Today's Bloomberg piece features money funds, saying, "Investors are so scared of stocks and bonds that they have stashed a record $3.51 trillion in U.S. money-market mutual funds even as managers including Fidelity Investments waive fees to keep yields from falling to zero." It adds, "Money-market mutual funds, whose combined assets are greater than the gross domestic product of China, may only hold debt that matures in no more than 13 months. Under U.S. Securities and Exchange Commission rules, managers may buy Treasuries, commercial paper issued by large banks and corporations, repurchase agreements and short-term bonds. They can't buy equity or debt that doesn't carry one of the two highest short-term credit ratings."
