Maybe the Standard & Poor's downgrade of the U.S. sovereign debt rating is roiling markets and causing China to double down on efforts to diversify its massive cash hoard away from U.S. dollar holdings, but last week's resolution of the debt-ceiling crisis has been good news for the money market fund industry.
After a scary week leading up through Aug. 2 in which investors pulled a record $103 billion out of money funds on concerns that the government might default on its debt, money market funds last week took in $46.5 billion for a net gain of $9 billion for the week ended Aug. 5.
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