The Federal Reserve looks to be paying closer attention to a potential pinch-point that rankled dollar funding markets almost three years ago and could at some stage become a catalyst for ending early officials’ plans to shrink the US central bank’s expanded balance sheet. Yields offered by money-market funds - vehicles that invest in a variety of cash-like instruments ranging from Treasury bills to repurchase agreements, as well as a key facility provided by the Fed itself - are now “well above” rates offered by banks, monetary authority staff told policy makers at the latest meeting of the Federal Open Market Committee. That’s creating scope for cash to flow into these types of funds and
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