Investors pull out of money market funds for fourth straight week
Investors pulled just over $33 billion out of money market funds for the week ended June 17, according to data from the Investment Company Institute.
Why it matters: It was the fourth straight week of outflows for the safe-haven vehicle typically used by investors as savings accounts for cash holdings.
The big picture: Money market funds had seen their assets rise to nearly $5 trillion as investors pulled out of riskier plays like stocks and commodities at a record pace over the preceding months.
- Money market funds have seen a total of $104.74 billion of outflows in the past four weeks.
Yes, but: Until this week, funds were largely flowing into bonds rather than stocks. ICI data and Refinitiv data show that equity funds had seen $38 billion of outflows in the weeks ended May 13 to June 3.
- The funds saw $13.1 billion of inflows for the week ended June 10, the last week for which ICI equity fund data is available.
- Data from Refinitiv Lipper shows equity funds saw $25.5 billion in outflows for the week ending June 17.