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Rosengren Says Money Funds May Be Vulnerable to Europe

Boston Fed president cites funds' exposure to European banks.

By Steve Matthews, Dakin Campbell, Bloomberg | Updated on June 06, 2011

Federal Reserve Bank of Boston President Eric Rosengren said U.S. money-market mutual funds may be vulnerable to Europe’s debt crisis.

Money-market funds “have sizeable exposures to European banks, by virtue of holding the banks’ short-term debt,” Rosengren said Friday in a speech at Stanford University in Stanford, California. Some funds “are potentially sensitive to a disruption in the European banking system, should one arise from the fiscal and sovereign-debt problems we are seeing.”

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