CFO Magazine published, "Bumpy 2015 for Money Market Funds?," which reviews Moody's "2015 Outlook" (see our Dec. 16 News "Moody's Issues Negative Outlook for Global Money Mkt Funds in 2015"). It reads, "Finance executives that steer their companies' short-term cash investing strategies take note: money market funds holding your surplus cash may be headed for a downgrade. Moody's Investors Service has revised its outlook for the money market fund (MMF) industry to negative from stable, saying the number of funds rated "Aaa" was likely to decrease in 2015. The action by Moody's promises to make next year even tougher for money market funds, which were already becoming less attractive to institutional investors and corporates because of new U.S. regulations and proposed rule changes in Europe." In other news, Reuters writes, "U.S. Fed Awards $66.42 bln Reverse Repos Friday." It says, "The U.S. Federal Reserve on Friday awarded $66.42 billion of fixed-rate reverse repurchase agreements to 27 bidders at an interest rate of 0.05 percent, the New York Federal Reserve said on its website. On Thursday, the U.S. central bank allotted $59.47 billion in overnight reverse repos to 22 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies at an interest rate of 0.05 percent." Also, the New York Federal Reserve issued a "Statement to Revise the Time of Day of the Overnight Reverse Repurchase Agreement Operation for December 31, 2014." It says, "Regarding the overnight reverse repurchase agreement (ON RRP) operation to be conducted on Wednesday, December 31, 2014, the Desk will conduct the operation from 9:30 a.m. to 10:00 a.m. (Eastern Time), several hours earlier than usual. All other terms of the exercise will remain the same. This change only applies to the ON RRP operation conducted on December 31, 2014. The ON RRP operations conducted from Monday, December 22, to Tuesday, December 30, and those conducted on and after Friday, January 2, 2015, will be conducted at the usual time of 12:45 p.m. to 1:15 p.m. Any future changes to these operations will be announced with at least one business day's prior notice on the New York Fed's website."
