US MMFs invested more in riskier repo trades in December

Year-end surge also occurred in 2017 and 2019

US money market funds (MMFs) scaled up their investments in repo trades collateralised by non-government-backed assets over the fourth quarter. As of end-December, $60.2 billion such trades were outstanding, the most since end-February and up 11% on end-November.

Trades collateralised by assets other than US Treasuries and US government agency bonds fell sharply from end-February to end-March in the wake of the coronavirus crisis. Volumes stayed flat at around the $52 billion mark, but started

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