Explainer: How are money market funds preparing for a potential debt ceiling crisis?

is the maximum amount the U.S. government can borrow to meet its financial obligations. When the ceiling is reached, the Treasury cannot issue any more bills, bonds or notes.

U.S. Treasury Secretary Janet Yellen has said the government could pay its bills only through early June without increasing the limit. Some analysts forecast that the government would exhaust its cash and borrowing capacity - the so-called "X Date" - sometime in the third or fourth quarter. Fitch Ratings warned in February that the potential for investor redemptions and volatility in Treasury-only money market funds – as opposed to prime and government money market funds, which have other sources of funding – would rise if investors believed the government were to default.

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Money market fund assets surge on bank jittersCash keeps coursing into money market mutual funds — an influx set off by the collapse of Silicon Valley Bank last month.
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'It's like cash under the mattress.' But some see systemic risks as money-market funds park trillions with FedInvestors continue to pile into money-market funds, causing assets to swell to more than $5.6 trillion as of Tuesday, according to Crane Data.
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