...for dollars likely to receive some "revision" from world markets in coming months. I have already stated the dollar will enjoy strength going forward.
U.S. money market funds may wind up
paying to hold U.S. bills should increasing pessimism about
Greece’s ability to pay prompt flight from European assets
linked to the crisis.
* Top 10 U.S. prime money market funds, which represents $755b
of $1.66t of money market assets, have 50% of their exposure
to European banks, according to June 21 Fitch report, “U.S.
Money Fund Exposure to European Banks Remains Significant”;
Vanguard Group’s prime money market funds have had exposure
in the U.K. and Scandinavian banks for “quite some time,”
according to Robert Auwaerter, head of fixed income
* “An event like losing faith in Europe will force money
market funds to cram inflows into Treasury bills and push T-
bills to trade negative in the secondary market,”
Tuesday, June 28, 2011
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