GE plan further shrinks its money market presence

April 10, 2015 7:41 PM

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NEW YORK, April 10 (Reuters) - General Electric Co.'s plan to retrench from the finance business will further reduce its already diminishing presence in the U.S. money market, which it has leaned on to fund consumer and business loans.

This development from a major issuer of U.S. commercial paper comes at time when tighter regulations have caused money market funds, which own most of the $1 trillion of ultra short-dated debt issued by banks, brokerages and commercial lenders, to cut their holdings.

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