NEW YORK (Reuters) – U.S. cash market fund belongings rose for a sixth consecutive week, bringing the whole to a contemporary nine-plus 12 months peak as traders piled money into low-risk funds on issues about international commerce tensions, a personal report launched on Wednesday confirmed.
U.S. cash fund belongings grew by $10.08 billion to $3.121 trillion within the week ended June 4, the Cash Fund Report stated.
Throughout this six-week stretch, whole fund belongings elevated by $111 billion.
(GRAPHIC: U.S. cash fund belongings hyperlink: tmsnrt.rs/2Em6sNq).
U.S. President Donald Trump stated on Wednesday he thinks Mexico needs to make a deal within the neighbors’ immigration dispute, however that he’ll go forward with tariffs on Mexican items if it doesn’t do extra to regulate migration.
Trump’s risk of tariffs on Mexican imports, which can go into impact subsequent week, intensified a scramble amongst traders to sock their cash into money and different safe-haven belongings.
It stays unclear whether or not Washington and Beijing would attain a commerce pact after talks unexpectedly broke down a month in the past.
Taxable cash market fund belongings climbed by $11.53 billion to $2.985 trillion, whereas tax-free belongings declined by $1.45 billion to $136.13 billion, in response to the report, printed by iMoneyNet.
The iMoneyNet common seven-day easy yield for taxable cash funds rose to 2.04% from a five-month low of two.02% final week. The weighted common maturity amongst taxable funds elevated to 30 days from 29 days.
The iMoneyNet common seven-day yield for tax-free and municipal funds jumped to 1.11% from 0.99%, which was the bottom since late January. The weighted common maturity of tax-free funds was unchanged at 22 days.
Reporting by Richard Leong; Modifying by Susan Thomas