BlackRock, the world’s biggest asset manager, said its money-market mutual funds have sold all Treasuries maturing in late October and early November
October 12, 2013 Leave a comment
BlackRock’s Money Funds Have Sold Vulnerable Treasuries
BlackRock Inc. (BLK), the world’s biggest asset manager, said its money-market mutual funds have sold all Treasuries maturing in late October and early November. BlackRock joins Fidelity Investments and JPMorgan Chase & Co., the two largest U.S. money-fund providers, in declaring its money funds are free of the debt most likely to be affected by a default as the government approaches its borrowing limit. “We continue to take prudent actions in preparation for all potential outcomes, despite our belief that Congress and the President will likely act to prevent a U.S. default,” Tara McDonnell, a spokeswoman for the New York-based company, said today in an e-mailed statement. President Barack Obama and House Republican leaders moved yesterday toward an agreement to extend the nation’s borrowing authority as they remained at odds over terms for ending the partial government shutdown. House Speaker John Boehner of Ohio yesterday said he would offer as soon as today a measure to postpone a potential U.S. default to Nov. 22 from Oct. 17.
To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net