Money Market Funds Get Biggest Cash Inflow Since Early 2020
- More than $5 trillion is now parked in the cash-like vehicles
- Inflows turbocharged by concern about US banking system
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Money-market funds attracted their biggest weekly influx of cash since the early part of the Covid pandemic as depositors pulling their money away from more at-risk US banks sought a place to park their dollars.
About $120.93 billion poured into US money-market funds in the week to March 15, the largest inflow since April 2020 based on data from the Investment Company Institute, as fears about the state of the banking system fueled risk aversion globally and spurred demand for high-quality, liquid assets. Total assets rose to $5.01 trillion, the highest on record in data that stretches back to 2007.