European Money-Market Funds Shutdown as Deposit Rates Hit Zero (JPM)
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JPMorgan Chase & Co. (NYSE: JPM) closed five of its European money-market funds to new investments after the European Central Bank lowered deposit rates to zero yesterday. A spokesperson for the company said they will be reviewing market conditions and could reopen the funds at some point. The closures of the funds illustrate the affects lower deposit rates in the Euro area have on Banks.
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