Fidelity to join Treasury’s guarantee program

SAN FRANCISCO (MarketWatch) — Fidelity Investments’s retail and institutional money market mutual funds will participate in the Temporary Guarantee Program offered by the Treasury Department, Fidelity said late Tuesday. “Even though it is highly unlikely that the insurance will be needed for any of our funds, we expect the program to reassure our investors that their money market funds will continue to provide safety and liquidity for their cash investments,” said Fidelity. The Treasury’s program, which is in effect for three months, provides coverage to shareholders for amounts that they held in participating funds as of Sept. 19.
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