The Wall Street Journal writes "Money-Fund Assets Fall Under $3 Trillion, ICI Says. It says, "Cash has been leaving money-market funds as investors seek higher returns than the funds can offer; their yields have been close to zero for months. In addition, seasonal factors are likely at play." The WSJ quotes Peter Crane, president of Crane Data LLC, "Last year, it was retail investors; this year, it's institutional investors that are moving out of money-market funds. In general, the zero yields are driving investors to everywhere but cash." The Journal adds, "Institutional investors can now get relatively competitive yields in Treasurys, government securities and repos, which they haven't had in years, he said. Money is likely moving from money-market funds into separate accounts and bond funds, and even corporations are likely reallocating cash, Mr. Crane said." Finally, it says, "Meanwhile, the release of the long-awaited President's Working Group on Financial Markets report, which will make recommendations to further reduce money funds susceptibility to a run, is imminent, Mr. Crane said."

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