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Investors rush to money market funds before Fed rate cut, BofA says

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Investors rush to money market funds before Fed rate cut, BofA says

LONDON - Investors poured $37 billion into cash-like money market funds in the week to Wednesday, Bank of America said on Friday, as they braced for the U.S. Federal Reserve to cut interest rates in September.

Many fund managers hope rate cuts will lower the returns on MMFs and cause a rush of cash into stocks and bonds. "History shows the first Fed cut precedes more cash inflows in a 'soft' landing, and bonds the likely winner if 'hard'."

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