One of the most aggressive state-run cash pools that regularly trounces the retu...
Graphic: Oil demand slumps in first quarter 2020,“We will let those positions roll off,” Utah Treasurer David Damschen said Wednesday in an email. “There are no plans to buy into the energy sector at present.”
“The primary concern right now is the unknown length and magnitude of the economic impact to the household and business sectors caused by the virus, the office of Washington state Treasurer Duane Davidson said. “This is different than the financial crisis where the primary concern was the soundness of the financial system.”
With nearly $300 billion, local government investment pools across the United States invest the idle taxpayer dollars collected for school districts, small towns and cities in U.S. Treasuries, municipal bonds, bank certificates of deposit and corporates. The pools provide economies of scale that can produce significant savings in money management fees to participants.
Many of the pools follow the same investment rules of money-market funds. Others, like the Utah fund and the Oregon Short-Term Fund, have mandates that allow them to take more risk by allocating a higher percentage of assets toward corporate issues.
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