The Associated Press writes, "Not earning much on Treasury bills? Get used to it". The article quotes Wells Fargo portfolio manager Jay Mueller, "If you're a bank that needs to borrow reserves, great. If you're a lender, a saver, an investor in money market funds that tend to buy short-term debt, you're not getting paid much on your money.... People think of cutting interest rates as this wonderful thing that helps everybody. It's a misunderstanding -- it helps some people and hurts others." The piece adds, "To be sure, money has been flowing back into money funds for a few weeks now, a reversal that appears to be letting the funds take on more risk, said Peter Crane, president and publisher of Crane Data LLC. Still, he added, no one is letting go of government debt just yet." It quotes Crane, "Funds continue to buy Treasurys as well. They want to have that liquidity war chest, be stocked to the gills in case anything else occurs."
