Reuters writes "Fed's Rosengren: Money funds less reliant on Fed", which says, "Money market funds have begun to reduce their reliance on the U.S. Federal Reserve program intended to help them, a top Federal Reserve policy-maker said on Monday." The article quotes Boston Federal Reserve Bank president Eric Rosengren in "Testimony at the Field Hearing of the Committee on Financial Services of the U.S. House of Representatives," "Prime money-market funds have tended of late to have a net inflow of funds, which has helped stabilize short-term credit markets. Correspondingly, money markets have reduced their reliance on the Fed liquidity facility that was designed to help them." See also, Moody's rating action on UCM Institutional Money Market Fund, which says, "Moody's Investors Service has today confirmed the B fund rating of UCM Institutional Money Market Fund. Moody's will also withdraw the rating as the fund has been liquidated at a net asset value of $1.00 per share."
