Wells Fargo Advantage Funds latest monthly Commentary says, "After a quiet end to 2012 that was largely due to typical yearend cash buildup and uncertainty about the fiscal cliff, the tone changed markedly as we rang in the new year. Spurred by even lower yields in the repurchase agreement (​repo) and government markets caused by the end of the Federal Reserve'​s (​Fed'​s) Operation Twist and improved market sentiment, market participants greeted issuers with open pocketbooks. Inflows into prime funds, apparently caused by a need to place excess liquidity over year-​end, led to a larger appetite for prime instruments. Then, as sure as spring follows winter, the increased competition for commercial paper (​CP) and certificates of deposit in the face of a lower overall supply caused yields on those instruments to decline. The outstanding amount of prime securities in December decreased as issuers largely sat on the sidelines after having addressed their funding for the month; that trend reversed in January as total outstanding CP increased by more than $​100 billion. Non-​U.​S. financial issuers have been one of the few bright spots in terms of supply. While the total amount of CP outstanding has fallen by half since its peak in August 2007 and total asset-​backed CP has declined by 75%, issuance by non-​U.​S. financials has risen by more than onethird. Total financial CP outstanding has increased roughly $​65 billion since July 2012. Of that amount, more than 70%, or $​46 billion, was from non-​U.​S. issuers."

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