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What does money market yield mean?

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money market yield
(MMY)
Noun

The total return on money market instruments equal to the increase (decrease) in value of an instrument above (below) its purchase price plus any investment income based on a 360-day year, without compounding – essentially the holding period yield (HPY) adjusted to a 360-day basis.

Synonym(s): 
  • CD-equivalent yield.
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