The new year will be a bad year for fund investors, according to a doomsaying column on MarketWatch.

Money market funds are in danger of repeating the debacle of the Reserve Funds’ Primary Fund breaking the buck, not because of junk bond holdings but because of redemptions as interest rates rise, according to the opinion piece. This will happen as interest rates rise and corporate treasurers move to the exits in tandem. As rates rise, they will look to redeem their shares and obtain more attractive rates, leaving those who have not yet cashed out with less-attractive paper.

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