Money-Market Funds Attract 2024’s Biggest Monthly Cash Inflow
- Total assets rose to record $6.26 trillion as of Aug. 28: ICI
- Investors are locking in higher yields before Fed cuts begin
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The US money-market fund industry lured roughly $127 billion of fresh cash in August, marking the biggest month of inflows this year as investors lock in lofty yields before the Federal Reserve starts cutting interest rates.
Some $21.1 billion was added to the funds in the week ending Aug. 28, according to the latest Investment Company Institute data. The inflows put total assets at an all-time high of $6.26 trillion, up from a previous record of $6.24 trillion in the week prior.