US MMFs tilted from repo to cash USTs in November Cash-plump US money market funds bulked up direct investments of US Treasuries in November, moving further away from UST-backed repos. MMF allocations to reverse repos collateralised by Treasuries dropped 3.3% to $1.56 trillion, the lowest level since August 2021. At 21.8% of total assets, this represented their smallest share since May that year.
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