Chuck Jaffe: Your money-market fund is about to undergo some changes

Peter in Weymouth, Mass., hadn’t looked closely at his retirement plan for a while, so he was surprised to see a fund he didn’t recognize: a money-market fund in which he holds cash whenever the market makes him nervous had morphed into a “government cash reserves fund.”

“I’m scared about the government with the election and a bond bubble and more and I didn’t want more government bonds,” he wrote, “but they moved me into this government fund. Am I right to be worried?”

About the government, maybe. About the money-market fund, not so much.

Peter’s money wasn’t moved from one fund to another.

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