"Frozen Credit Is Starting To Thaw Out"
"Frozen Credit Is Starting To Thaw Out" writes today's Wall Street Journal, citing a recent increase in the amount of commercial paper outstanding. The article quotes Bianco Research analyst Howard Simons, "With banks pretty much useless now as a source of loans, credit-worthy companies can find funding in the commercial-paper market, and they're able to do it at a saner yield." Alas, it's primarily the Fed's seasonally adjusted CP series that's showing a rebound, but we'll take what we can get. New weekly numbers come out later this morning. In other news, Canada's Investment Executive writes "Money market funds dominate sales in August: IFIC" and The Toronto Globe and Mail writes "Give me one good reason you should stay in money market funds" on the sharp growth of Canadian money market funds (46% over 12 mos.).
