A $7 Trillion and Growing Cash Pile Defies Wall Street Skeptics
- US money-fund assets reach $7 trillion for first time
- Slower-than-predicted rate cuts may fuel further inflows
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It was supposed to be the year of the great money-market exodus.
Between Federal Reserve interest-rate cuts and the rally in stocks and bonds that would naturally follow, all the elements were there, Wall Street prognosticators said, to prompt investors to yank cash out of money-market funds en masse.