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.
聯儲局在週三減息0.5％的決定可能會使投資者從貨幣型基金轉向持有更長期的債券，這是一位投資經理的觀點。
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.
投資公司協會表示，截至9月18日星期三，一週內貨幣市場基金資產減少了2002億美元，至6.3萬億美元。在應稅貨幣市場基金中，政府基金減少了1882億美元，主要基金減少了242億美元。
"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.
資產管理集團的一位固定收益投資組合經理Timothy Ng表示：「在利率下降時，我們從歷史上看到老舊資產流向更長期的債券，我認爲今年我們已經看到了這種情況。」
"I expect this trend to continue as the Fed continues to cut rates," he said.
他說：「隨着聯儲局繼續減息，我預計這一趨勢將繼續。」
Read Also: Mortgage Rates Near 6%, Demand Increases For Refinancing, Purchases
閱讀更多: 抵押貸款利率接近6％，再融資和購買需求增加
"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."
他說：「我認爲，資金將流向股票和債券，但在相對規模上，這可能取決於經濟前景，估值和市場對這兩類資產的情緒。」
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.
他說：「近年來，很多資產轉向貨幣市場，是因爲貨幣市場收益非常有吸引力，但隨着聯儲局計劃於今年進一步減息，情況可能不再如此。」
"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.
他說：「現在你無法在等待中獲得太多收益，而且隨着收益率下降，你有可能錯過持有更長期債券所帶來的資本增值。」
Price Action: Exchange-traded funds that hold money market funds gained slightly into Friday's late-afternoon trading.
價格走勢：持有貨幣市場基金的交易所交易基金在週五的下午交易中略有上漲。
- 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 短期國債etf（納斯達克: SHV）上漲了0.05%。
- 冠城短期債券etf（BATS: NEAR）上漲了0.06%。
- SPDR Bloomberg Barclays 1-3個月國庫券etf（紐交所：BIL）上漲了0.044%。
- 景順超短債券etf（紐交所：GSY）上漲了0.07%。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。
