来源：新浪财经
面对银行业持续动荡，寻求更高收益率的投资者大批涌入美国货币市场基金。
据Investment Company Institute的数据，截至3月29日的三周，超过3,000亿美元资金流入货币基金，总资产规模达到创纪录的5.2万亿美元，超过疫情期4.8万亿美元的峰值。
专家表示，货币市场基金受欢迎的理由很多，但同样存在风险。以下是在决定是否投资时应考虑的几个因素。
什么是货币市场基金？
货币市场基金是一种共同基金 。通常人们会把等待投资或短期可能需要派上用场的资金放进这类基金。
货币市场基金持有包括现金、存单、美国国债在内的各种短期流动性工具，它们需要遵守联邦有关质量，期限，流动性和多元化的规定。基金必须把至少10％的资金配置到日流动性资产，30％配置到周流动性资产；美国证券交易委员会目前建议把这两类持仓比例分别调高至25％和50％。
这些基金的历史价值是每份额1美元并且会支付利息。这类基金不能保证投资者不会亏钱，因为它不是由联邦存款保险公司（FDIC）承保的，但如果跌破1美元净值，通常很快就会很快失去吸引力。
大型零售基金提供商收取的费率参差，Vanguard是0.09％、嘉信理财0.34％、富达（Fidelity）为0.42％。你可以在券商或共同基金公司的网站上购买此类基金，就像买股票或其他固定收益基金一样。如果你参加了401（k）计划，还有货币基金期权这种选择。
吸引力何在？
一大吸引力来自收益率。根据FDIC提供的3月数据，富达政府货币市场基金（SPAXX）截至4月5日的收益率为4.49％，而支票账户和储蓄账户的全美平均利率水平分别仅0.06％和0.37％。即便是高收益率储蓄账户，利率也不太高，高盛的Marcus目前为3.75％。
货币市场基金在传导利率调整影响方面比银行更灵活。 根据纽约联邦储备银行一篇博文，过去20年大约86％的政策利率调整反映到了零售货币基金，而零售存单利率只能反映26％。
有哪些风险？
货币基金对利率变化敏感，因此收益率波动较大。而且与传统的储蓄账户不同，FDIC对这类产品不承保。
过去最大的问题是机构优质基金（Prime funds），由于持有商业票据，它们往往对市场恐慌更为敏感。2020年3月疫情袭来时，这些基金遭遇大量资金外流；美联储不得不干预以支持短期融资市场。而在2008年，Reserve Primary Fund跌破1美元净值，投资者在短短两天之内就撤出了400亿美元，因为该基金投资了破产的雷曼兄弟的商业票据。
当前的银行业危机也引发投资者对优质货币市场基金的担忧。3月中旬，嘉信理财的优质基金三天内净流出88亿美元资金，同期嘉信理财自身的的政府和美国国债基金吸引资金约140亿美元。
他们有什么不同？
货币市场基金主要有三种主要类型：政府基金，优质基金和美国国债基金。面向散户的基金主要是政府资基金。
政府基金：这些低风险基金至少99.5％的资产配置在现金、美国政府证券和完全由政府证券支持的回购协议。
优质基金：这类基金持有现金，浮动利率债券和商业票据，和可能来自美国及海外评级较高的银行、美国政府机构和房利美等政府支持企业的债券。基金的英文名字里可能没有prime这个词，比如嘉信理财的优质基金叫做Value Advantage Money Fund，富达的名叫Fidelity Money Market Fund。
美国国债基金：这类基金主要投资于现金、美国国库券，以及美国国债担保的回购协议。还有一种基金只投资现金和美国国债。短期内可能存在风险。“今年晚些时候美国将触及债务上限，而国债基金只能买入美国国债，” Crane Data的Peter Crane说。 “美国国债基金比政府基金更难躲过技术性违约”。
编辑/hoten
来源：新浪财经
Source: Sina Finance
面对银行业持续动荡，寻求更高收益率的投资者大批涌入美国货币市场基金。
In the face of continued turmoil in the banking sector, investors seeking higher yields have poured into US money market funds.
据Investment Company Institute的数据，截至3月29日的三周，超过3,000亿美元资金流入货币基金，总资产规模达到创纪录的5.2万亿美元，超过疫情期4.8万亿美元的峰值。
According to Investment Company Institute, in the three weeks to March 29thMore than $300 billion flowed into money funds, with total assets reaching a record $5.2 trillion, exceeding the peak of $4.8 trillion during the epidemic..
专家表示，货币市场基金受欢迎的理由很多，但同样存在风险。以下是在决定是否投资时应考虑的几个因素。
Experts say there are many reasons why money market funds are popular, but there are also risks.Here are a few factors to consider when deciding whether to invest or not.
什么是货币市场基金？
What is a money market fund?
货币市场基金是一种共同基金 。通常人们会把等待投资或短期可能需要派上用场的资金放进这类基金。
Money market fund is a kind of mutual fund. People usually put money that is waiting to be invested or that may be needed in the short term into such funds.
货币市场基金持有包括现金、存单、美国国债在内的各种短期流动性工具，它们需要遵守联邦有关质量，期限，流动性和多元化的规定。基金必须把至少10％的资金配置到日流动性资产，30％配置到周流动性资产；美国证券交易委员会目前建议把这两类持仓比例分别调高至25％和50％。
Money market funds hold a variety of short-term liquidity instruments, including cash, certificates of deposit, and U.S. Treasuries, which need to comply with federal rules on quality, maturity, liquidity and diversification. Funds must allocate at least 10 per cent of their funds to daily liquid assets and 30 per cent to weekly liquid assets; the SEC now recommends raising these two types of positions to 25 per cent and 50 per cent, respectively.
这些基金的历史价值是每份额1美元并且会支付利息。这类基金不能保证投资者不会亏钱，因为它不是由联邦存款保险公司（FDIC）承保的，但如果跌破1美元净值，通常很快就会很快失去吸引力。
These funds have a historical value of $1 per share and pay interest. There is no guarantee that investors will not lose money because it is not insured by the Federal Deposit Insurance Corporation (FDIC), but if it falls below $1 net worth, it usually quickly loses its appeal.
大型零售基金提供商收取的费率参差，Vanguard是0.09％、嘉信理财0.34％、富达（Fidelity）为0.42％。你可以在券商或共同基金公司的网站上购买此类基金，就像买股票或其他固定收益基金一样。如果你参加了401（k）计划，还有货币基金期权这种选择。
The fees charged by large retail fund providers vary, with Vanguard 0.09 per cent, Charles Schwab Corp 0.34 per cent and Fidelity 0.42 per cent. You can buy such funds on the websites of brokerages or mutual fund companies, just like stocks or other fixed-income funds. If you participate in the 401 (k) plan, there is also the option of money fund options.
吸引力何在？
What is the attraction?
一大吸引力来自收益率。根据FDIC提供的3月数据，富达政府货币市场基金（SPAXX）截至4月5日的收益率为4.49％，而支票账户和储蓄账户的全美平均利率水平分别仅0.06％和0.37％。即便是高收益率储蓄账户，利率也不太高，高盛的Marcus目前为3.75％。
One big attraction comes from yields. According to March data provided by FDIC, Fidelity government money market funds (SPAXX) yielded 4.49% as of April 5, compared with the national average interest rates of 0.06% for checking accounts and 0.37% for savings accounts. Even for high-yield savings accounts, interest rates are not too high. Goldman Sachs Group's Marcus is currently 3.75%.
货币市场基金在传导利率调整影响方面比银行更灵活。 根据纽约联邦储备银行一篇博文，过去20年大约86％的政策利率调整反映到了零售货币基金，而零售存单利率只能反映26％。
Money market funds are more flexible than banks in transmitting the impact of interest rate adjustments. According to a blog post by the Federal Reserve Bank of New York, about 86% of the policy rate adjustment over the past 20 years has been reflected in retail money funds, while the retail certificate of deposit rate reflects only 26%.
有哪些风险？
What are the risks?
货币基金对利率变化敏感，因此收益率波动较大。而且与传统的储蓄账户不同，FDIC对这类产品不承保。
Money funds are sensitive to changes in interest rates, so yields are volatile. And unlike traditional savings accounts, FDIC does not underwrite such products.
过去最大的问题是机构优质基金（Prime funds），由于持有商业票据，它们往往对市场恐慌更为敏感。2020年3月疫情袭来时，这些基金遭遇大量资金外流；美联储不得不干预以支持短期融资市场。而在2008年，Reserve Primary Fund跌破1美元净值，投资者在短短两天之内就撤出了400亿美元，因为该基金投资了破产的雷曼兄弟的商业票据。
The biggest problem in the past was institutional quality funds (Prime funds), which tend to be more sensitive to market panic because they hold commercial paper. When the epidemic hit in March 2020, these funds suffered large outflows; the Fed had to intervene to support short-term funding markets. In 2008, Reserve Primary Fund fell below its net worth of $1, and investors withdrew $40 billion in just two days because the fund invested in commercial paper from bankrupt Lehman Brothers.
当前的银行业危机也引发投资者对优质货币市场基金的担忧。3月中旬，嘉信理财的优质基金三天内净流出88亿美元资金，同期嘉信理财自身的的政府和美国国债基金吸引资金约140亿美元。
The current banking crisis has also raised investor concerns about quality money market funds. In mid-March, Charles Schwab Corp's quality fund had a net outflow of $8.8 billion in three days, while Charles Schwab Corp's own government and US Treasury funds attracted about $14 billion over the same period.
他们有什么不同？
What's the difference between them?
货币市场基金主要有三种主要类型：政府基金，优质基金和美国国债基金。面向散户的基金主要是政府资基金。
There are three main types of money market funds:Government funds, quality funds and U.S. Treasury funds. Funds for retail investors are mainly government-funded funds.
政府基金：这些低风险基金至少99.5％的资产配置在现金、美国政府证券和完全由政府证券支持的回购协议。
Government funds: at least 99.5% of the assets of these low-risk funds are allocated to cash, US government securities and repurchase agreements backed entirely by government securities.
优质基金：这类基金持有现金，浮动利率债券和商业票据，和可能来自美国及海外评级较高的银行、美国政府机构和房利美等政府支持企业的债券。基金的英文名字里可能没有prime这个词，比如嘉信理财的优质基金叫做Value Advantage Money Fund，富达的名叫Fidelity Money Market Fund。
Quality funds: these funds hold cash, floating rate bonds and commercial paper, and bonds that may come from highly rated banks in the United States and overseas, U.S. government agencies, and government-backed companies such as Fannie Mae. The English name of the fund may not have the word prime. For example, Charles Schwab Corp's quality fund is called Value Advantage Money Fund and Fidelity's is called Fidelity Money Market Fund.
美国国债基金：这类基金主要投资于现金、美国国库券，以及美国国债担保的回购协议。还有一种基金只投资现金和美国国债。短期内可能存在风险。“今年晚些时候美国将触及债务上限，而国债基金只能买入美国国债，” Crane Data的Peter Crane说。 “美国国债基金比政府基金更难躲过技术性违约”。
Treasury funds: these funds mainly invest in cash, US Treasuries, and repurchase agreements guaranteed by US Treasuries. There is also a fund that invests only in cash and US Treasuries. There may be risks in the short term. "the United States will hit the debt ceiling later this year, and Treasury funds can only buy Treasuries," said Peter Crane of Crane Data. "It is more difficult for US Treasury funds to avoid technical default than government funds.".
编辑/hoten
