US Shutdown Debacle Will Hurt Money Flows

The government shutdown and the last minute deal to avoid default have damaged the credibility of the U.S. as a haven for investment, according to Dennis Gartman, the founder of The Gartman Letter, who predicts that money is now more likely to flow to foreign investment.
Investors pulled $43 billion out of U.S.-based money market funds in the week ending Thursday, according to research firm Lipper. The funds invest in short-term securities such as short-dated U.S. Treasury bills and the flows marked their largest one-week decline since August 2011. It marks a complete reversal from the $40.7 billion of inflows into these low-risk funds in the month of September.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.