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Photo: Robert Nickelsberg/Getty Images

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.

Go deeper

American Airlines taps $5.5 billion Treasury loan

Photo: Deccio Serrano/NurPhoto

American Airlines on Friday said it accepted a $5.5 billion loan through the Treasury Department, and may be allowed to tap billions more in October, per Reuters.

The state of play: The company was initially allotted $4.75 billion, but after other carriers, including Delta Air Lines and Southwest Airlines, said they don't plan to take their portion of the $25 billion package earmarked in the CARES Act, more funds were available for other airlines.

Updated 11 mins ago - Economy & Business

Americans are super-sizing their holiday travel

Illustration: Sarah Grillo/Axios

Americans are rushing back into holiday travel, and many are taking even longer trips now than they did before the pandemic began.

The big picture: After skipping Thanksgiving and Christmas gatherings last year, many people are eager to maximize this year's celebrations with friends and family. And flexible remote working arrangements make that easier than ever.

Updated 11 mins ago - Energy & Environment

Pity the "green" car buyer

Expand chart
Data: IHS Markit Data; Note: Chart: Thomas Oide/Axios

Americans are more open than ever to trading in their gas cars for electrified vehicles — but they're flummoxed by the confusing array of green options arriving in showrooms.

Why it matters: Getting up to speed on the differences among hybrids, plug-in hybrids and battery-electric vehicles will be a challenge for car buyers — and salespeople, too — as we transition away from gas-powered vehicles over the next decade.