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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.

10 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.