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tables
team team management process for the money funds in 1986. What is Federated s main priority
tell Tell us about your history. Cunningham From Federated s perspective we ve been involved in running
temporari temporary overnight basis and it s only using treasury collateral it s established a floor
tenuous tenuous and we are currently working through that. But also many of our issuers are faced
test test so that s a good development Having said that we have 25 or so other
thing things are reflecting back into the abysmally low rates . and it s not a healthy
think think our biggest priority is to maintain a product that is useful for our underlying
three three stability i.e. the constant NAV and the amortized cost pricing liquidity and return . What
tightrop tightrope between the relationships that we ve developed and want to maintain and continue to use on a funding
time time. We now have the oldest registered money market fund on the books of the SEC Federated
today today I d still say low yields are the biggest challenge . Definitely supply and regulation
top top 3. But rates in fact are the biggest issue. We ve seen an inordinate
top top 3. But rates in fact are the biggest issue. We ve seen an inordinate
toward towards. But nonetheless the interest rate challenge is definitely the biggest one It s not as if we ve been
transact transaction giving the Fed more ultimate control in their rate setting process. This is a program
treasuri treasury collateral it s established a floor for that type of transaction giving the Fed more
trend
tri trying to walk a tightrope between the relationships that we ve developed and want to maintain
true true. We ve never had to get parental support and never had defaulted securities But we want
type type of transaction giving the Fed more ultimate control in their rate setting process. This
ultim ultimately became shareholders of Federated Prime Obligations Fund . Without that gate being imposed there could
unfortun Unfortunately over the course of the last six years the market hasn t been providing
unwind unwind process . Even if it s only on a temporary overnight basis and it s only
us us about your history. Cunningham From Federated s perspective we ve been involved in running
use useful for our underlying clients. We continue to say ad nauseam that the goal from
ve ve been involved in running cash since the beginning of time. We now have the oldest
version version of that when clients of the Putnam Institutional Prime Money Market Fund ultimately became
versus basis versus what seems to be pretty stable and growing potential with the NY Fed .
viabil viability of the unwind process . Even if it s only on a temporary overnight basis
volatil volatility and the lack of liquidity that was evolving in some of those issuers names
v.p V.P. C.I.O. for Global Money Markets Deborah Cunningham . Our Q A follows. Tell us about
waiver waivers which are not losses but they are reduced profitability. That s in the context
walk walk a tightrope between the relationships that we ve developed and want to maintain and continue
want want to make sure that we continue to do our jobs along the analyst side
weigh weigh heavily on how banks are issuing and what they re issuing As you well
well well know banks are a large portion of most prime fund holdings. Are you using
whatev whatever the market is providing . Unfortunately over the course of the last six years the market
whole whole lot. But nonetheless that s still the goal of a cash to provide safety