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January 13, 2014 AT 10:27 AM
A J.P. Morgan report shows U.S. prime money market funds parked $72 billion with the Federal Reserve in December. This occurred as the central bank ramped up its testing of a program aimed to help the central bank achieve its targeted interest rate when it eventually begins raising rates. The amount placed by prime money funds in the Fed's fixed-rate reverse repurchase agreement program last month was up from $68 billion in November.