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☆ Bank of Canada: era of very low rates is likely over, people and firms must adjust
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Senior Deputy Governor of the Bank of Canada Carolyn Rogers takes part in a news conference, announcing an interest rate decision in Ottawa, Ontario, Canada January 25, 2023. Rogers said she wanted "to stress the importance of adjusting proactively to a future where interest rates may be higher than they've been over the past 15 years". The bank increased rates 10 times between March 2022 and this July to tame inflation that peaked at more than 8% last year. However, economists expect the central bank to start easing interest rates as soon as April and money markets see them coming down around mid-year. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau, david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

Persons: Bank of Canada Carolyn Rogers, Blair Gable, Steve Scherer, David Ljunggren OTTAWA, Carolyn Rogers, Advocis, Rogers, they've, David Ljunggren Organizations: Bank of Canada, REUTERS, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Ukraine, Israel, Advocis Vancouver, West Coast, Reuters Ottawa

☆ Money market funds are yielding north of 5%. Here's when it may pay to look elsewhere
▼ + stars: | 2023-11-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investors can't get enough of money market funds these days due to their attractive yields, which are north of 5%. When money market funds work Those who need easy access to cash could benefit from the money market funds' liquidity, which is one of the asset's biggest advantages, Benz said. However, unlike bank savings accounts, money market funds are not insured by the Federal Deposit Insurance Corporation. While money market funds may be yielding more than longer-term Treasurys or investment-grade bonds right now, that isn't necessarily always going to be the case. "Why would someone invest in a 5-year Treasury note when a money market fund is yielding higher?

Persons: Christine Benz, hasn't, Charles Schwab, Hermes, Peter Crane, Benz, Barry Glassman, Glassman, laddering, —, Jesse Pound Organizations: Morningstar, Crane Data, Fidelity, Data, Vanguard, Wealth, Federal Deposit Insurance Corporation, Benz, CNBC

☆ A real-estate investor who owns over 700 rental units shares the secret to getting a 5% interest rate, and says most people don't realize this option exists
▼ + stars: | 2023-11-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Luckily, there are ways around the bank, one of which is seller financing, a process that makes the seller also the lender. But if he had to turn to the bank, it would have decreased the property's net profit because of high interest rates. Seller financing isn't common, though it is a more alluring choice when interest rates rise. "People don't think of the strategy because so many people have been used to the low interest rates. When offering an interest rate, start low because it's likely the seller will counter but not low enough that it insults them.

Persons: Matthew Tortoriello, Tortoriello, They've, Chris Gerbig, who's, they'll, Shmuel Shayowitz, Shayowitz Organizations: Public Locations: Holyoke , Massachusetts, Chicopee , Massachusetts

☆ EUROPE Australia hikes but tempers its outlook
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +3 min

Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. The Aussie dollar fell more than 0.8% and Australian government bonds rallied because the 25 basis point hike by the Reserve Bank of Australia came with a softening of language on whether further hikes would be needed. It was an otherwise quiet session in the absence of major updates that might have consequences for the interest rate outlook. Last week's chaos in Chinese money markets has subsided but it left behind a glimpse of financial pressures beneath the surface and the challenges around China's uneven recovery from the COVID-19 pandemic. British house prices, German industrial output and European producer prices are due later on Tuesday, as are earnings from UBS (UBSG.S).

Persons: Daniel Munoz, Tom Westbrook, Read, SoftBank, Benjamin Netanyahu, Fed's Waller, Logan, Schmid, ECB's de, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bond, South, Read Reuters, UBS, 163rd Melbourne, NY, Thomson Locations: Sydney, Australia, Asia, Japan, British, Gaza

☆ Exclusive: China's clashing priorities behind rare money market distress
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +7 min

"Banks were grudging in lending, leaving non-banks asking each other for money in afternoon trade," he said. The reasons for the spike in interest rates and the ensuing market chaos are detailed here for the first time. They affect foreign exchange movements since the markets are the major avenue for the supply of money. The money market operator CFETS told traders to keep a 5% ceiling on repo transactions and said anyone involved in high-rate deals closed on Oct. 31 would need to explain themselves to regulators, according to sources who received the notice. "If the pattern of money supply and liquidity provision remains unchanged, the whole system remains fragile.

Persons: Xia Chun, Banks, outflows, CFETS, Tom Westbrook, Vidya Ranganathan, Raju Gopalakrishnan Organizations: People's Bank of China, China Foreign Exchange Trade, Yintech Investment Holdings, Reuters, China Everbright Bank, Co, China Central Depository, Shanghai Clearing House, Shanghai, Thomson Locations: SHANGHAI, SINGAPORE, Beijing, Shanghai, China

An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This is their best run in a year, powered by easing financial conditions in the form of lower U.S. bond yields and a weaker dollar, and renewed faith in the U.S. economic 'soft landing' scenario. Having under-performed global and developed market benchmarks last week, Asian stocks could be set to outperform this week. Skeptical foreign investors will need more than one month of slowing imports and exports decline though.

Persons: Aly, Jamie McGeever, Goldman Sachs, Deepa Babington Organizations: REUTERS, Bank of Korea, Thomson, Reuters Locations: Shanghai, China, U.S, India, Asia, Taiwan, Philippines, Indonesia, Japan, Australia

☆ Bank of Canada voices concerns about variable rate mortgage products -Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Senior Deputy Governor of the Bank of Canada Carolyn Rogers takes part in a press conference in Ottawa, Ontario, Canada October 25, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsNov 3 (Reuters) - The Bank of Canada has urged banks to reconsider offering variable rate mortgages with fixed payments, concerned about the number of borrowers faced with negative amortization of their loans. “I think you’ll see the industry reflect on how much they want to offer that product,” she addedMany variable rate mortgages in Canada require borrowers to make regular payments in fixed amounts. You don’t want a big portfolio of negative amortizing mortgages," Rogers said. Money markets see little chance of further tightening by the BoC and have moved to price in a rate cut by June.

Persons: Bank of Canada Carolyn Rogers, Patrick Doyle, ”, Carolyn Rogers, “, Rogers, Fergal Smith, Gursimran Kaur, Chris Reese, Leslie Adler Organizations: Bank of Canada, REUTERS, Bloomberg News, BoC, Thomson Locations: Ottawa , Ontario, Canada, Toronto, Bengaluru

☆ Take Five: You (may) have arrived at your destination
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +5 min

No wonder markets see a 70% chance that the Fed's brutal 20-month tightening cycle is over and that rate cuts could begin as soon as June. So watch closely to see if the top central bankers push back against the cut chatter until inflation is truly tamed. Shekel, gold, oil response to the war5/RACE DAY RATE HIKEThe famous Melbourne Cup horse race runs on Tuesday, but some of the shortest odds are on an Aussie central bank rate hike over in Sydney that day. Three-year and 10-year Australian government bond yields have hit their highest since 2011, though backed off slightly on the Fed's hold. The Australian dollar has also rallied strongly against its New Zealand counterpart as rate expectations diverge.

Persons: Marc Jones, Dhara, Kevin Buckland, Tom Westbrook, Lewis Krauskopf, BoE, Horton, Walt Disney, Mittal, shekel, Antony Blinken, Jordan, Luci Ellis, Kripa Jayaram, Riddhima Talwani, Gareth Jones Organizations: Federal Reserve, Fed, ECB, FX, Bank of Japan, Reuters, eBay, Nvidia, UBS, ABN Amro, Allianz, Friday, U.S, Melbourne Cup, Westpac, New Zealand, Thomson Locations: Australia, Gaza, Here's, London, Tokyo, Singapore, New York, Britain, U.S, Europe, Commerzbank, Israel, Gaza City, Iran, Sydney

A help wanted sign hangs in a bar window along Queen Street West in Toronto Ontario, Canada June 10, 2022. Canada added a net 17,500 jobs in October, Statistics Canada data showed. The softer-than-anticipated jobs report follows data out earlier this week indicating that the economy likely slipped into a shallow recession in the third quarter. "This will keep the Bank of Canada pinned more fully to the sidelines, although we still believe that rate relief remains a distant prospect." The services sector gained 10,000 jobs, led by information, culture and recreation as well as healthcare and social assistance.

Persons: Carlos Osorio, Royce Mendes, that's, Paul Smith, Doug Porter, Ismail Shakil, Steve Scherer, Fergal Smith, Nivedita Balu, Dale Smith, Louise Heavens, Andrea Ricci Organizations: Queen, West, REUTERS, Statistics, Reuters, Desjardins, Bank of Canada’s, The Bank of Canada, BoC, P, P Global Market Intelligence, CENTRAL BANK, Canadian, BMO Capital Markets, Bank of Canada, Thomson Locations: Toronto Ontario, Canada, OTTAWA, Statistics Canada, Ottawa, Toronto

Federal Reserve Chair Jerome Powell speaks during a meeting of the Economic Club of New York in New York City, U.S., October 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The MSCI World equity index rose just over 1%, its best day since August while the Nasdaq jumped 1.6%, its fourth rise in a row, for its best day since August too. Malaysia's central bank is expected to keep its key interest rate at 3% and through 2024, despite a weakening ringgit, amid stable domestic inflation and a steady growth outlook. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jerome Powell, Brendan McDermid, Jamie McGeever, Wall, Jerome Powell's, Powell, Evergrande, Josie Kao Organizations: Economic, of New, REUTERS, Treasury, Bank of, Nikkei, Nasdaq, South, South Korea CPI, Thomson, Reuters Locations: of New York, New York City, U.S, Malaysian, Asia, Hong Kong, South Korea, July's, Malaysia, Australia

With the economy stumbling along slower than the Bank of Canada forecast just last week, analysts said there is no need to raise rates again from 5.0%, a 22-year high. July GDP was revised to being marginally negative from an initial report of zero growth, Statistics Canada said. This data reaffirms our view that the Bank of Canada is done raising rates for this cycle," Figueiredo said. The central bank has said its previous rate hikes are sinking in. The projected contraction in third-quarter annualized growth is far lower than the Bank of Canada (BoC) forecast last week.

Persons: Chris Helgren, Tiago Figueiredo, Figueiredo, Macklem, Benjamin Reitzes, Reitzes, Ismail Shakil, Steve Scherer, Dale Smith, Jonathan Oatis Organizations: Roberts Bank, REUTERS, Rights OTTAWA, Bank of Canada, Canadian, Reuters, Statistics, BoC, BMO Capital Markets, Thomson Locations: Delta, British Columbia, Canada, Canadian, Statistics Canada, Ottawa

☆ Some Chinese institutions borrow at 50% rate as liquidity squeezed
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The highest overnight rate for pledged repo - a short-term financing business - hit 50% on Tuesday, according to official interbank data, although the average rate remains modest at roughly 3.6%. Two-day repo rates jumped to as high as 30%, and the highest rate for seven-day repos was 12%. Several traders at small lenders were still seeking to borrow money in later afternoon trading when contacted by Reuters. The brokerage attributed the cash shortage to a "record supply" of government bonds, as well as restricted channels for banks to borrow money. The average seven-day repo rate - a widely watched indictor of short-term borrowing costs in China - remained modest at 2.0765% on Tuesday, meaning many institutions can still borrow money at relatively low rates.

Persons: Thomas White, repos, Fan, Ming Ming, Ed Osmond, Kirsten Donovan Organizations: REUTERS, Rights, Guolian Securities, Reuters, Caitong Securities, Citic Securities, Shanghai, Thomson Locations: China

☆ Bank of Canada leaves rates on hold, sees weak growth and stubborn inflation
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +3 min

[1/2] Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. The bank increased rates 10 times between March 2022 and this July, with inflation peaking at more than 8% last year. Inflation in September dipped to 3.8% from 4.0% in August, and the central bank said it would average 3.5% through mid-2024. "There is growing evidence that past interest rate increases are dampening economic activity and relieving price pressures," the Bank of Canada (BoC) said in a statement. In July, the BoC forecast third-quarter annualized growth of 1.5%.

Persons: Blair Gable, Steve Scherer, David Ljunggren OTTAWA, David Ljunggren Organizations: Bank of Canada, REUTERS, Wednesday, BoC, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Israel, Gaza, Reuters Ottawa

☆ Canadian dollar hits 7-month low as BoC stays sidelined
▼ + stars: | 2023-10-25 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. The Canadian central bank held its key overnight rate at a 22-year high of 5.0%, as expected, for a second straight meeting. Wall Street fell after lackluster corporate results, while the U.S. dollar (.DXY) rallied against a basket of major currencies. Canadian government bond yields were higher across a steeper curve but the move for shorter-dated maturities was less than for the equivalent U.S. Treasury yields. The 2-year rose 2.9 basis points to 4.749%, while the 10-year was up 11.3 basis points at 4.131%.

Persons: Mark Blinch, Tom O'Gorman, we're, Michael Goshko, maturities, Fergal Smith, Sandra Maler Organizations: REUTERS, greenback, BoC, Canadian, U.S, Bank of, Franklin Templeton, Convera Canada, U.S ., Treasury, Thomson Locations: Toronto, TORONTO, Canadian, Franklin Templeton Canada, Wall

You may think the term "net worth" only applies to celebrities and CEOs, but it's something we all have — and we all should know it. Here's a breakdown of both median and average American net worth by age, according to the Federal Reserve's Survey of Consumer Finances published in October 2023. Knowing your net worth can help you assess whether your next financial move is a good one. Empower (formerly Personal Capital) and Mint are two platforms that make tracking your net worth easy. Empower has its own net worth calculator and Mint has a net worth-specific dashboard that calls out your progress each month.

Organizations: Federal Reserve's Survey, Consumer, Federal Reserve Survey, Consumer Finances, Google, Android, CNBC, CNBC Select's, Facebook, Twitter Locations: U.S

☆ Bank of Canada to leave rates on hold as economy stalls, analysts say
▼ + stars: | 2023-10-23 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Oct 23 (Reuters) - The Bank of Canada (BoC) will leave interest rates on hold on Wednesday as the economy stalls, analysts said, though many see the central bank warning that future hikes are still possible with inflation hovering well above its 2% target. Weak growth and a modest easing of inflation "should keep the Bank of Canada on hold," he said. Earlier this month, BoC Governor Tiff Macklem said the economy was not heading for a "serious recession". Macklem "will need to sound sufficiently hawkish to retain current market pricing, which more or less has the Bank of Canada holding rates steady until 2025."

Persons: Blair Gable, Karl Schamotta, Macklem, Royce Mendes, Steve Scherer, Jonathan Oatis Organizations: Bank of Canada, REUTERS, Rights OTTAWA, BoC, Cambridge Global Payments, Desjardins Group, of Canada, Thomson Locations: Ottawa , Ontario, Canada

☆ Dollar rebuffed from 150 level vs yen after Powell/Treasuries double-whammy
▼ + stars: | 2023-10-20 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Yet this has not translated into a similar boost to the dollar this week, which made only marginal gains while toying with the 150 level against the yen. This number marks the point at which many market participants believe Japan's Ministry of Finance (MOF) could step in to shore up the currency. Speculators have almost doubled their bullish dollar positions against other G10 currencies this month to the most in a year. Money markets show traders fully expect to see no change in rates at the Fed's next policy meeting.

Persons: Florence Lo, Jerome Powell, Jeremy Stretch, Stretch, Omori, POWELL, Powell, Ray Attrill, he's, Sterling, Carol Kong, Rae Wee, Kevin Buckland, Kim Coghill, Angus MacSwan, Gareth Jones Organizations: U.S, REUTERS, Federal, Treasury, Swiss, Japan's, of Finance, CIBC Capital Markets, Ministry, Finance, Mizuho Securities, National Australia Bank, Swiss National Bank, Commonwealth Bank of Australia, Thomson Locations: Treasuries, Japan, Tokyo, U.S, Asia, China, Singapore

☆ Dollar toys with 150 level vs yen after Powell/Treasuries double-whammy
▼ + stars: | 2023-10-20 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Speculators have almost doubled their bullish dollar positions against other G10 currencies this month to the most in a year. This week's bond sell-off has raised the chances of a break of 150 in the currency. Money markets show traders fully expect to see no change in rates at the Fed's next policy meeting. The Swissie was last down against the dollar, which rose 0.2% to 0.8935 per dollar.

Persons: Florence Lo, Jerome Powell, Jeremy Stretch, Stretch, Omori, POWELL, Powell, Ray Attrill, he's, Sterling, Carol Kong, Rae Wee, Kevin Buckland, Shri Navaratnam, Kim Coghill, Angus MacSwan Organizations: U.S, REUTERS, Federal, Treasury, Swiss, Japan's, of Finance, CIBC Capital Markets, Ministry, Finance, Mizuho Securities, National Australia Bank, Commonwealth Bank of Australia, Thomson Locations: Treasuries, Japan, Tokyo, U.S, Asia, China, Singapore

☆ Dollar broadly up, threatens 150 yen as benchmark Treasury yield climbs
▼ + stars: | 2023-10-20 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The benchmark 10-year yield , which was last at 4.9813%, has climbed some 35 basis points this week, driven by rising expectations that the Federal Reserve is likely to keep interest rates higher for longer and mounting U.S. fiscal concerns. "The move up has been driven by the Fed leaving the market as a price insensitive buyer. The dollar/yen pair tends to closely track changes in long-term Treasury yields, particularly in the 10-year maturity. In the broader currency market, the U.S. dollar edged higher, supported by elevated Treasury yields. The New Zealand dollar edged 0.35% lower to $0.5829, after having slid to an over 11-month low of $0.5816 on Thursday.

Persons: Dado Ruvic, Brian Jacobsen, Sterling, Jerome Powell, Ray Attrill, he's, Carol Kong, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, Treasury, Federal Reserve, Fed, Annex Wealth Management, U.S, National Australia Bank, New Zealand, Commonwealth Bank of Australia, Thomson Locations: Rights SINGAPORE, U.S, Asia, China, lockstep

Investors were handed an income opportunity they haven't seen in more than a decade when the 10-year Treasury yield climbed near 5% on Thursday. US10Y 5Y mountain 10-year Treasury A 5% yield on the 10-year is a good value, said Kathy Jones, Charles Schwab's chief fixed income strategist. A real yield is a bond's nominal yield minus inflation. "With the 10-year yield nearing 5%, it could be your sign to pick them up." There is also the Vanguard High Dividend Yield ETF (VYM) , which has lost 2.59% and charges 0.06% in fees.

Persons: Barry Glassman, Kathy Jones, Charles Schwab's, Callie Cox, Schwab's Jones, Amy Arnott, Morningstar, Arnott, Cox, John Croke ,, Jones, Morningstar's Arnott Organizations: Treasury, Wealth Services, LendingClub, Vanguard Locations: eToro

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - Bank of America (BAC.N) reported unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter. Unrealized losses have come under closer scrutiny by investors since March. "All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter. If banks have intention to hold debt securities until maturity they keep them in held to maturity portfolio.

Persons: Carlo Allegri, Alastair Borthwick, JPMorgan Chase, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Manya Saini, Lananh Nguyen, Megan Davies Organizations: of America, REUTERS, Bank of America, U.S, Silicon Valley Bank, Bank of, JPMorgan, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Banks

REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOTTAWA, Oct 17 (Reuters) - Canada's annual inflation rate unexpectedly slowed to 3.8% in September and underlying core measures also eased, data showed on Tuesday, prompting markets and analysts to trim bets for another interest rate hike next week. Analysts polled by Reuters had forecast inflation to hold steady at the 4.0% rate recorded in August. Two of the Bank of Canada's (BoC's) three core measures of underlying inflation also decelerated. Money markets trimmed bets for a rate hike next week after the data. "There's no need for further rate hikes in Canada," Reitzes said.

Persons: Carlos Osorio, Jules Boudreau, stoking, Benjamin Reitzes, Reitzes, Statscan, Derek Holt, Macklem, Ismail Shakil, Steve Scherer, Dale Smith, Fergal Smith, Divya Rajagopal, Jonathan Oatis, Nick Zieminski Organizations: REUTERS, Rights OTTAWA, Reuters, Statistics, Mackenzie Investments, Bank of Canada's, Bank of Canada, BoC, BMO Capital Markets, Scotiabank . Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, Statistics Canada, Mackenzie, Ottawa, Toronto

☆ Stocks one year after the bottom: Here's the good news, and the bad
▼ + stars: | 2023-10-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The S & P 500 bottomed out on October 12 last year with a close of 3,577. Lopsided gains While the S & P has seen healthy gains off the bottom, the gains have been lopsided. He counts 11 periods of notable non-recession declines in the S & P 500 since WWII. Money keeps pouring into short-term bonds and money market funds For the first time in decades, bonds and money markets are serious competitors for stocks. A lot of people seem very content to leave money in 5% money market funds, perceiving little risk/reward in owning stocks.

Persons: Russell, Todd Sohn, Strategas, Covid, Sohn, Sam Stovall, Sam Organizations: Growth, CFRA Research, U.S .

Trillions of euros of financial products, from mortgages to car loans, remain pegged to the Euro Interbank Offered Rate as Euribor is officially known. The move to revamp Euribor aims to reduce the burden on institutions that do provide input by using a standardised approach. Having the broadest possible geographical spread of banks in Euribor's panel is seen as the best way to have a full picture of euro-denominated lending costs. Schirmann highlighted that countries with active bank-to-bank lending markets such as Finland, Ireland and Greece currently had no banks on Euribor's panel. Cutting the need for banks to provide bespoke so called "Level 3" estimates should also "significantly diminish" the time and costs involved for banks.

Persons: Dado Ruvic, Libor, Jean, Louis Schirmann, Schirmann, EMMI, Marc Jones, Mark Potter Organizations: REUTERS, Federal Reserve, European Central Bank, Bank of England, Money Markets, Reuters, Deutsche Bank, Thomson Locations: Euribor's Brussels, Euribor's, Finland, Ireland, Greece

☆ These money market funds have yields that top 5%
▼ + stars: | 2023-10-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

With yields at around 5%, money market funds have been attracting investors in droves — yet not all funds are the same. Right now, prime funds yield an average 5.18%, while the average government fund's yield is 4.98%, per iMoneyNet. The weighted average maturity of retail prime money market funds is around 32 days, said Shelly Antoniewicz, deputy chief economist at the Investment Company Institute. Correction: A table in an earlier version of this report incorrectly described the listed funds as government money market funds. They are prime money market funds.

Persons: Dave Lafferty, Deborah Cunningham, Shelly Antoniewicz, Hermes, Cunningham, Crane, Peter Crane Organizations: Crane Data, Schwab Asset Management, Federated Hermes, Investment Company Institute . Retail, Federal Reserve, ICI, Government, Fed

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