Money-Fund Withdrawals Accelerate as Debt Cap Approaches
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Investors pulled $41.6 billion from U.S. money-market mutual funds in the past week, or 1.6 percent of total assets, as concern grew over lawmakers’ inability to strike a budget deal that would avert a default on Treasury securities.
The exodus in the seven days through yesterday was punctuated by the withdrawal of $21.6 billion on Oct. 11, according to research firm Crane Data LLC in Westborough, Massachusetts. Investors pulled $15.7 billion in the preceeding seven days.