WASHINGTON, Aug. 20 -- The Federal Reserve issued the following Fed Notes article:

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Liquidity Transformation Risks in U.S. Bank Loan and High-Yield Mutual Funds: A 2026 Update

By Kenechukwu Anadu, Sean Baker, Fang Cai, Logan George, and Erik Larsson/1

1. Introduction

Mutual funds (MFs) and other open-ended collective investment funds engage in liquidity transformation--they offer investors daily redemptions while investing in . . .

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