Last week, Reuters wrote, "US money market funds turn defensive with Fed rate outlook uncertain." The article says, "Money market funds are taking a more cautious approach in their portfolios, reflecting lingering uncertainty about the U.​S. Federal Reserve'​s ​​rate policy path, the latest industry data show. Weighted average maturity -- the average time until securities held by a money market fund mature -- ‌`​fell to 38 days for the week ending July 10 for the Crane Money Fund Average <​b:>`​_, a broad industry measure, from 42 days a month ago. The same figure fell to 40 days this month from 44 days in June in the Crane 100 Money Fund Index, which tracks funds holding the vast majority of industry assets." It explains, "Fund managers typically shorten portfolio maturities when they anticipate ⁠​higher interest rates. Shorter-​dated securities mature more quickly, allowing managers to reinvest at higher yields if the Fed raises rates. Locking in three- or six-​month Treasury ​​bills ahead of a rate hike can leave investors stuck with lower yields as rates move higher. That caution comes as money market fund assets continue to attract ​​cash. Assets climbed to a record of nearly $​8 trillion in the first week of July, according to data from the Investment Company Institute." Reuters adds, "Managers have been deploying some of those inflows into floating-​rate notes (​FRNs), whose payouts change with the market, unlike typical fixed-​rate debt. Treasury FRN holdings rose by $​32 billion at the end of June to a record $​523 billion.... Funds also ⁠​ …