Fed Rate Cut May Drive Investors Away From Money Markets, Says Portfolio Manager
Fed Rate Cut May Drive Investors Away From Money Markets, Says Portfolio Manager
"I expect this trend to continue as the Fed continues to cut rates," he said.The Federal Reserve's decision cut interest rates by 0.5% on Wednesday may pull investors away from money market funds and into longer duration bonds, according to a portfolio manager.
美联储在周三降息0.5％的决定可能会使投资者从货币型基金转向持有更长期的债券，这是一位投资经理的观点。
Total money market fund assets decreased by $20.02 billion to $6.30 trillion for a week ending on Wednesday, Sept. 18, the Investment Company Institute said. Among taxable money market funds, government funds decreased by $18.82 billion and prime funds decreased by $2.42 billion.
投资公司协会表示，截至9月18日星期三，一周内货币市场基金资产减少了2002亿美元，至6.3万亿美元。在应税货币市场基金中，政府基金减少了1882亿美元，主要基金减少了242亿美元。
"Historically, we've seen more assets move into longer duration bonds when yields have fallen, and I think we've already seen some of that happen this year," said Timothy Ng, a fixed-income portfolio manager with Capital Group.
资产管理集团的一位固定收益投资组合经理Timothy Ng表示：“在利率下降时，我们从历史上看到老旧资产流向更长期的债券，我认为今年我们已经看到了这种情况。”
"I expect this trend to continue as the Fed continues to cut rates," he said.
他说：“随着美联储继续降息，我预计这一趋势将继续。”
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"I think some of that flow will go into both equities and bonds, but in terms of relative scale, it will likely depend on the outlook for the economy, valuations and market sentiment between the two asset classes."
他说：“我认为，资金将流向股票和债券，但在相对规模上，这可能取决于经济前景，估值和市场对这两类资产的情绪。”
A lot of assets moved into the money markets in recent years because money market yields were very attractive, but that may no longer be the case as the Fed plans to make further rate cuts this year, he said.
他说：“近年来，很多资产转向货币市场，是因为货币市场收益非常有吸引力，但随着美联储计划于今年进一步降息，情况可能不再如此。”
"Now you're not getting as much yield waiting around, and you run the risk of missing out on capital appreciation that comes with having more duration in your portfolio as yields fall," he said.
他说：“现在你无法在等待中获得太多收益，而且随着收益率下降，你有可能错过持有更长期债券所带来的资本增值。”
Price Action: Exchange-traded funds that hold money market funds gained slightly into Friday's late-afternoon trading.
价格走势：持有货币市场基金的交易所交易基金在周五的下午交易中略有上涨。
- iShares Short Treasury Bond ETF (NASDAQ:SHV) gained 0.05%
- BlackRock Short Maturity Bond ETF (BATS:NEAR) rose 0.06%
- SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (NYSE:BIL) went up 0.044%
- Invesco Ultra Short Duration ETF (NYSE:GSY) picked up 0.07%
- iShares 短期国债etf（纳斯达克: SHV）上涨了0.05%。
- 冠城短期债券etf（BATS: NEAR）上涨了0.06%。
- SPDR Bloomberg Barclays 1-3个月国库券etf（纽交所：BIL）上涨了0.044%。
- 景顺超短债券etf（纽交所：GSY）上涨了0.07%。
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Photo: Shutterstock
Photo: shutterstock