Money market funds continue to be vulnerable to runs in time of financial stress as they are victims of their own success, says the FRBNY. So stable have NAVs been that shareholders are "highly" risk-averse and prone to exiting at any sign of trouble. In 2008, it was institutional money that fled funds, which could have left the retail crowd to shoulder the losses.
Money market funds continue to be vulnerable to runs in time of financial stress as they are...
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