The interest rate on the popular savings tool will decline in May because of cooling inflation. Other investment options might provide a better return.
Current inflation levels are much closer to past peaks than the official series would suggest.
Strategists from BlackRock Investment Institute favor public and private investments as well as tactical holdings of bonds.
The popular savings tools will pay an estimated 3.8% when issued next month, with the interest rate plummeting as inflation cools.
Reaching for yield during inversions misses the bigger driver of total return, namely the path of interest rates, which is difficult to predict with precision.
The departure was announced alongside Nuveen’s settlement of a years-long legal battle with Preston Hollow Community Capital.
More than $5 trillion is now squirreled away in money-market funds.