US MMFs tilted from repo to cash USTs in November
Outright allocations captured growing share of funds’ record cash pile
Cash-plump US money market funds (MMFs) bulked up direct investments of US Treasuries in November, moving further away from UST-backed repos.
MMF allocations to reverse repos collateralised by Treasuries dropped 3.3% to $1.56 trillion, the lowest level since August 2021. At 21.8% of total assets, this represented their smallest share since May that year.
In contrast, holdings of outright cash Treasuries surged 6.5% to $3.06 trillion, breaking the three trillion-dollar mark for the first time
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