Reuters writes "Big U.S. funds named for Fed's reverse repos". It says, "Most of the biggest U.S. money market mutual funds were named on Wednesday as eligible parties to do business with the New York Federal Reserve to help the central bank implement its new monetary policy operations. These money market funds, which investors use to park their cash, are among the biggest in a $2.8 trillion industry, each with at least $20 billion in assets. The New York Federal Reserve will turn to 26 money market funds as eligible partners for reverse purchase agreements which aim to drain excess reserves from the banking system. The combined assets of these funds were approximately $900 billion at the end of July, according to Crane Data LLC."

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