US MMFs back in love with US Treasuries in Q4

Cash securities snatch crown from ebbing repos as funds’ top investment

US Treasuries made a stunning comeback as US money market funds’ (MMFs) preferred investment in the last quarter of 2023, only a few months after hitting a five-year low amid a dearth of supply and generous repo rates.

Funds’ holdings of T-bills and T-notes surged 28% to $2.27 trillion – the highest since June 2021, data from the Office of Financial Research (OFR) shows.

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