Msg. 10670 of 47202 (This msg. is a reply to
10650 by
micro)
Jump:
Micro> YOU did not give them permission to do this.
Micro,
It is not Vanguard . . . it is those federal regulators
who have decreed that 'We the People' must put our
brokerage sweep account monies into federal treasury
notes.
It does look like ALL the brokerages are being forced to
do this . . .
>>>
Schwab Is Forcing Cash Out Of Money Market Funds And Into Treasuries
Charles Schwab has started informing some of its clients that "between June and October 2016, Schwab will update the cash feature on your account(s) from the current retail prime or municipal money market fund sweep to the Schwab Government Money Fund" or the SWGXX, which "will invest at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities; under normal circumstances, at least 80% of the fund's net assets will be invested solely in U.S. government securities including repurchase agreements. "
In other words Schwab is telegraphing that brokerages have begun permanently unwinding hundreds of billions if not trillions in money market-funds, and rotating it almost entirely into government securities.
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