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 Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza