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JPMorgan Chase Sells Off All Short-Term U.S. Government Debt

Thursday, October 10, 2013 - 7:59 PM
Investment banking giant JPMorgan Chase said Thursday it has sold all of its exposure to short-term U.S. government debt out of its money market funds, following a similar move by other money market mutual fund managers.

http://abcnews.go.com/Business/wireStory/jpmorgan-sells-off-short-term-us-government-debt-20536083
3
ShorebreakShorebreak2,613 posts since
Apr 6, 2010
Rep Points: 14,168
1. Thursday, October 10, 2013 - 8:14 PM
So???  What does this mean for the average depositor?  Nothing from what I read.
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,010
2. Friday, October 11, 2013 - 9:35 AM
paoli2:

Not each and every article has to apply to your particular situation. Those of us that have diverse portofolios that include other assets besides deposit accounts may have an interest.

 From JPMorgan's Investment Management (JPMIM) group:
    J.P. Morgan takes action in light of possible U.S. Government default

Although J.P. Morgan Investment Management Inc (JPMIM) continues to believe that the probability of a U.S. Government default is low, it has taken certain precautionary measures with respect to the money markets (the “Funds”)

These actions were taken in an attempt to manage the Funds in line with their objectives to seek to maintain a net asset value of $1.00 per share.

· As of October 9, 2013, the funds did not own any securities issued by the U.S. Treasury that mature or have scheduled coupon payments between October 16, 2013 and November 6, 2013.

· In addition, JPMIM has increased liquidity positions in the Funds

3
ShorebreakShorebreak2,613 posts since
Apr 6, 2010
Rep Points: 14,168
3. Friday, October 11, 2013 - 10:17 AM
Shorebreak:  Did I not post "average depositor"?  To me that means people like myself who stick mainly with CDs.  I think if Ken took a pole, he would find out that the majority of people who read daily are looking for CDs, not stocks, mutual funds, or munis.  I still want to know what Chase and Fidelity are up to and why since I do business with both.
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,010
4. Friday, October 11, 2013 - 10:38 AM
I'm going to end my answers to your series of queries with this. If you go to the "Personal Finance" section on the Banking Forum page, of this blog site, you will see an item called "Investments" with a sub-heading of "Non deposit account investments". This was included for a reason that may not apply to your particular financial situation.

http://www.depositaccounts.com/fo...tments.htm
4
ShorebreakShorebreak2,613 posts since
Apr 6, 2010
Rep Points: 14,168
5. Friday, October 11, 2013 - 10:48 AM
#4  Thank you for sharing that additional info.  I did not know it existed.  What I did notice was that there are only about five or so members who seem to be interested in the info and post there.  I truly thought DA was all about CDs.  It is thoughtful of Ken, in these hard times, to help us understand various investments.
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,010
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