This rush of outflows as a share of assets was faster than in the run in 2008, and it appears some features of the money funds may have contributed to the severity of the run.2 The run in March forced MMFs to rapidly reduce their commercial paper holdings, which worsened stress in short-term funding markets.
The situation has been further complicated by weak oil prices, a generalized situation of uncertainty in international financial markets, and the use of the peso as a hedging instrument against risks in other emerging market economies and for speculative purposes.