NEW YORK (Reuters) – U.S. cash market fund property rose for a fifth consecutive week, bringing its complete to greater than a nine-year excessive as traders pour money into low-risk funds on issues about escalating U.S.-China commerce tensions, a non-public report launched on Wednesday confirmed.
U.S. cash fund property elevated by $17.26 billion to $3.110 trillion within the week ended Might 28, the Cash Fund Report mentioned.
Throughout this five-week span, complete fund property elevated by $101 billion.
(GRAPHIC: U.S. cash fund property hyperlink: tmsnrt.rs/2Em6sNq).
U.S. President Donald Trump mentioned on Monday he was not but able to make a take care of Beijing.
On Wednesday, a Chinese language Communist Get together newspaper warned the USA that Beijing was prepared to make use of uncommon earths – utilized in high-tech shopper electronics and army tools – to retaliate on commerce.
Taxable cash market fund property elevated by $18.95 billion to $2.972 trillion, whereas tax-free property decreased by $1.69 billion to $137.58 billion, in line with the report, printed by iMoneyNet.
The iMoneyNet common seven-day easy yield for taxable cash funds slipped to a five-month low at 2.02%. The weighted common maturity amongst taxable funds shortened to 29 days from 30 days.
The iMoneyNet common seven-day yield for tax-free and municipal funds held at 0.99%, the bottom since late January. The weighted common maturity of tax-free funds remained at 22 days.
(GRAPHIC: U.S. cash fund property interactive hyperlink: tmsnrt.rs/2ElkcI2).
Reporting by Richard Leong; Modifying by Sonya Hepinstall