We measure the liquidity profile of open-end mutual funds using the sensitivity of their daily returns to aggregate liquidity. We study how this sensitivity changes around real-activity macroeconomic announcements that reveal large surprises about the state of the economy and after three...

The growth in credit supplied by non-banks accelerated with the rise of corporate-bond mutual funds. The nature of their liabilities means that these funds are important sources of liquidity demand, often in already unsettled markets. The concomitant reduction in liquidity supply by dealers...