August 15, 2019 / 2:28 PM / 6 days ago

U.S. money fund deposits surged by $202 billion in past three months

BOSTON (Reuters) - U.S. money-market fund deposits surged by about $202 billion during the past three months, the strongest showing in at least a decade, research firm Morningstar Inc said on Thursday.

In July alone, money-market funds collected nearly $76 billion amid the first Federal Reserve interest rate cut since 2008. Taxable-bond funds also had a strong showing, with $40.2 billion in net deposits during July and $206 billion during the past 12 months, Morningstar (MORN.O) said.

Reporting By Tim McLaughlin; Editing by Chizu Nomiyama

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