"Rate cut pinches yields on savings" Says Associated Press

Sep 27 07

"Rate cut pinches yields on savings" Says Associated Press. "Money-market yields fall with the Fed because the assets they buy are pegged in many ways to the Fed funds rate," the article quotes Peter Crane, president of money-fund tracker Crane Data. The piece says, "Money-market funds are focusing on even shorter-term securities than usual to reduce risk. Many have shied away from mortgage-backed securities in recent months, as credit quality has weakened".

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