Take a look at some MMF yields these days:
Vanguard Prime: 2.23% Vanguard Federal: 2.06% Vanguard Tax-Exempt: 4.83% (!)
Same over at Fido, and I'm sure at other houses.
Tax-exempt MMFs with "raw" (let alone tax-equivalent) yields more than double that of taxable funds. That's a pretty good illustration of the credit market craziness we're currently engulfed in. (Either that or all those cities and states really are going to take the big dirt nap...).
-- Rich Carreiro snipped-for-privacy@rlcarr.com
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