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Part 2 Money Market Funds in the US, 4 Historical Rationale for US Money Market Funds

Matthew P Fink

From: Money Market Funds in the EU and the US: Regulation and Practice

Edited By: Viktoria Baklanova, Joseph Tanega

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 25 February 2024

Money market funds (MMFs) — Securities and Exchange Commission (SEC)
4.01 For more than two decades after World War II, inflation had been virtually non-existent in the US. The late 1960s ushered in the highest inflation in generations due to President Lyndon Johnson’s decision to finance the war in Vietnam and new domestic programmes through massive deficit spending. Joseph Nocera reported: In 1967, the cost of living, as measured by the Consumer Price Index, rose 3 percent. The following year the CPI rose another 4.7 percent. And on it went: 6.2 percent in 1969; 5.6 percent in 1970...In 1974, as a result of the Arab oil embargo,...
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