Money funds turn to Fed facility amid record inflows

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Money market funds (MMFs) are flooding into a US Federal Reserve facility that currently pays a 0% return on cash.

The central bank’s reverse repo programme (RRP) took in $285 billion of cash from MMFs on March 31, according to data published by the New York Fed. That compares with $2 billion at the end of February. The quarter-end inflow was the largest since December 31, 2017 (see chart).

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