(Bloomberg) -- The push to make money-market funds safer means the biggest U.S. banks will pay more to borrow while America’s near record-low financing costs go even lower.

Fidelity said last week that its Fidelity Cash Reserves Fund, the largest of its kind in the world, will stop buying short-term debt issued by companies in response to a regulation restricting it to U.S. government securities. The move will leave a $100 billion funding hole for lenders, such as JPMorgan and Wells Fargo who rely on the fund to buy their commercial paper and is “the opening shot” for others to follow, according to Joseph Abate, a strategist at Barclays.

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