Are 'Wealthy' Americans Scrambling To Find Cash To Cover Their Tax Bill?
Every year around this time, Americans face the certainty of tax time, and that means - in general - finding the cash to pay Uncle Sam his just deserts. This scramble for cash is seasonally evident in the variable-rate tax-exempt (Muni) bond market, where the typically wealthy stash their cash, as rates rise into tax time and fall after (as flows come and go). This year however, the scale of the outflows is enormous, spiking money-market fund rates from 1bp to 29bps...