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Investors pulled $60 billion out of money-market mutual funds invested exclusively in T-bills and short-dated Treasurys over a one-week period this month amid rising fears over the U.S. debt ceiling. Data released last week by the Investment Company Institute in Washington shows assets held by government-only money-market funds dropped to $4.332 trillion as of April 19 from $4.392 trillion on April 12. According to Ben Emons, senior portfolio manager and head of fixed income in NewEdge Wealth LLC in New York, it was the largest single-week redemption in that category since March 2020.
Interestingly,…
