People are pouring cash into money market funds at the highest rate since the start of COVID as depositors flee banking turmoil
US money market funds this week raked in the most cash in nearly three years as the first US bank failures to take place since the global financial crisis pushed depositors to find other places to stash their funds. Investment Company Institute said
Friday. It was the most since April 2020, when the COVID pandemic was in its early stages, Barclays noted. There was an influx of $20.15 billion into retail accounts, and cash from institutions tallied $100.78 billion. The increase was paced by cash put into government money market funds. The push of cash into money market funds resulted in a record $5.01 trillion in total assets tracked by ICI.
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