Reserves Plunge, Money Funds Hit With Exodus On Tax Payments

I hesitate to offer a money market fund flows update this week for what I assume are obvious reasons: It's tax week. As I've been keen to emphasize since early last month, you can't read anything into money market fund flows during tax season. A couple of weeks back, for example, ICI data showed an anomalous $61.74 billion outflow. But it coincided with a business tax deadline. Two weeks later, all of that money came back, and then some. Then $31 billion flowed out the very next week. This wee