off-the-wire

Investor dash for cash pumps U.S. money market funds to record high - Bofa

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 10 (Reuters) - Assets invested in US money market funds have reached a new all-time high of $4.9 trillion this year, as soaring short-term interest rates have sent investors rushing into cash, BofA Global Research said on Friday. Money market funds invest in highly liquid near-term instruments such as cash and short term debt securities.


So far this year, invstors have put $192 billion into cash, adding $18.1 billion in the week to Wednesday, Bofa said. They invested $68.1 billion in cash a week earlier, more than at any time since the depths of the pandemic in 2020.


Elsewhere there were weekly inflows to bond funds of $8.2 billion, and outflows from equities of $500 million and from gold, of $4 million.


(Reporting by Alun John; Editing by Amanda Cooper)

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