JPMorgan sells off short-term US government debt
By KEN SWEET AP Markets Writer October 10, 2013 5:22PM
NEW YORK (AP) — JPMorgan Chase says it has sold all of its exposure to short-term U.S. government debt out of its money market funds, following a similar move by other money market mutual fund managers.
The news comes a day after Fidelity Investments said it no longer holds any U.S. government debt that comes due around the time the nation could hit its borrowing limit.
In a statement Thursday, JPMorgan said its money market funds no longer held any U.S. Treasurys that mature or have payments scheduled between Oct. 16 and Nov. 6. The bank says it has also increased its liquidity position in the funds.
While JPMorgan Chase & Co. says it believes the probability of a U.S. government default is low, it’s taking precautionary measures to protect investors.