ECB rate cut unlikely to send cash to US-JPMorgan

From reuters.com

The European Central Bank's decision to cut the rate it pays banks for depositing money overnight is unlikely to spur much of a flow of cash into U.S. money market funds, according to a strategist at JPMorgan Securities. The ECB cut its main interest rate on July 5 to a record low of 0.75 percent and reduced the deposit rate it pays banks for parking money with it overnight to zero in an effort to breathe life into the flagging euro zone economy. However, banks will likely continue to deposit funds in Europe despite the lack of a return, said Alex Roever, short-term fixed income strategist at ... (full story)