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Money Market Funds experience record redemptions in mid-July
With the average 30-day yield of taxable funds down to six basis points and pandemic-delayed tax deadlines looming, US Money Market Funds posted record outflows during the second week of July. The desire among investors to put money back to work, however, remains tempered by rising COVID-19 caseloads in the Americas, the lack of certainty about the economic damage done by the pandemic over the past four months and its likely course over the next six months.