​ Tax-​Exempt Money Fund Managers Concerned About TOBs Says Fitch. Fitch Ratings just released the results of a "Survey of Tax-​Exempt Money Fund Portfolio Managers, Credit Analysts and Traders," authored by Viktoria Baklanova, Jennifer Minelli, Louis Lazzara, and Fritz Gallagher. Highlights include: "About one-​third of survey participants are concerned about the massive use of TOB products"; While 73% believe the demand for tax-​exempt money funds will continue to grow, 52% do not expect significant growth; and, the most important challenges, according to managers, involve "Changes in the economic and/​or interest rate environment", "Compressed spreads", and, "New muni entrants such as hedge funds and CDO managers".

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