Reducing interest rates will reduce the income of the money fund, while raising interest rates will increase the income of the money fund. Because the main investment direction of the money fund is short-term agreement deposits and short-term national debt central bank bills. Therefore, such assets are closely related to interest. For example, after the interest rate cut, the deposit interest rate of each term will also be lowered, so the agreed deposit interest of the IMF investment bank will also drop. On the contrary, if the benchmark interest rate rises, the agreed deposit interest of the IMF investment bank will also rise. Therefore, the impact of raising interest rates and cutting interest rates on the income of the money fund is still very obvious. Judging from the actual situation, it is obvious that the income of the money fund is declining after several interest rate cuts in recent years. However, this decline is not immediately reflected after the interest rate cut, and it will take some time to slowly reflect it. Note that this is different from ordinary long-term bonds, because the duration of the bonds invested by the Monetary Fund is too short, and they are all within 1 year. That's why there is such a rule. If it is a long-term bond, the interest rate cut will make the bond price rise. Therefore, the money fund only reflects whether short-term funds are tight or not.