Investment advisers urge clients away from cash after Fed rate cut [Globe and Mail, The (Toronto, Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Globe and Mail, The
Investment advisers are urging clients to dump hefty cash allocations now that the Federal Reserve has begun its much-anticipated interest-rate easing, a process they expect to limit the appeal of money-market funds in the coming months. Retail money-market funds have attracted $951 billion in inflows since 2022, when the Fed started its rate-hiking cycle to tame inflation, according to the Investment Company Institute, which represents investment funds. Their assets stood at $2.6 trillion on Sept. 18, roughly 80% higher than at the beginning of 2022. “As policy rates fall, the appeal of money-market funds will wane,” said Daniel Morris, chief market strategist at BNP Paribas Asset Management. On Wednesday, the U.S. central bank cut the federal funds rate by a larger-than-usual 50 basis points to a range of 4.75% to 5%, which makes holding cash in deposit accounts and cash-like instruments less appealing. “You're going to have to shift everything ... further up in the amount
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