Investors have funnelled cash to US money market funds over the past week amid concerns over the safety of some bank deposits after the collapse of two large lenders.
The funds had more than $120bn of net inflows in the week to Wednesday, according data from the Investment Company Institute, the largest net weekly inflow since June 2020. The bulk of them poured into money market funds backed by government securities, according to the ICI.
The cash moved into money market funds — a type of mutual fund that invests in cash and safe securities — during a week unsettled by the collapse of Silicon Valley Bank and Signature Bank. On Sunday federal regulators stepped in to protect all depositors from losses at the two lenders.
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