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Expand chart
Data: Investment Company Institute; Chart: Andrew Witherspoon/Axios

The return of bullish sentiment that has driven the stock market to fresh all-time highs hasn't dented the safe-haven appeal of money market funds, which are akin to savings accounts or holding cash.

Why it matters: In fact, data shows investors are still selling equities on an overall basis and moving that money into money market funds.

By the numbers: For the week that ended Dec. 4, $2.37 billion of inflows had gone into MMFs, taking total holdings to nearly $3.6 trillion, data from the Investment Company Institute shows.

  • Money market funds have seen the third-highest annual inflows this year since ICI began keeping track in 1984.
  • This year's inflows trail only 2007 and 2008 when the world was in the throes of the financial crisis.

The intrigue: The flows are happening despite a nearly 25% gain this year for the S&P 500. And even during the market's latest breakout and bull run since September, global and U.S. equity funds have had consistent outflows.

  • Flows into money market funds last week were higher than any weekly fund flows into U.S. equity mutual funds and ETFs since the week ending Oct. 16.
  • U.S. and global equities have seen net outflows in eight of the last 10 weeks, according to ICI's data.

Go deeper: A "wake-up call" to corporate executives

Go deeper

Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

1 hour ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.

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