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

Institutional investors revived their flight to safety last week, pushing inflows to money market funds to all-time-high levels, largely unaccompanied by retail investors.

What it means: Money market funds saw inflows of $108.70 billion for the week ending April 22, almost all of which came from professionals who added $108.26 billion.

  • For institutional investors, it was the fifth highest weekly total ever recorded.
  • Four of the five largest weekly inflows by institutional investors to money market funds have come since March 18, data from the Investment Company Institute show.
  • Retail investors have held firm, as not a single week in April has registered in the top 40 highest weekly inflows.

The big picture: A record $4.65 trillion is now held in money market funds. That's around $700 billion more than the peak level seen during the 2007–2009 global financial crisis.

  • Further, the share of that total held by professional money managers has increased to 67%.

Go deeper: Investment professionals are selling while mom and pop buy the coronavirus dip

Go deeper

Updated 21 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 a.m. ET: 31,779,835 — Total deaths: 975,104 — Total recoveries: 21,890,442Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 6,933,548 — Total deaths: 201,884 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response
Updated 23 hours ago - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The weekly number of new global coronavirus cases reported last week reached its highest level yet, the World Health Organization said.

The big picture: From September 14-20, there were nearly 2 million new cases, a 6% increase compared to the previous week, the WHO said.

Trump renomination vote to be held in private, with no media present

President Trump at the White House on Friday. Photo: Alex Wong/Getty Images

The vote on renominating President Trump will be held in private this month with no media present because of coronavirus "restrictions and limitations" in place in North Carolina, a Republican National Convention spokesperson told AP Saturday.

The big picture: The vote is due to take place at the convention in Charlotte, North Carolina, on Aug. 24. When Trump announced on July 23 that he canceled plans to hold the convention in Jacksonville, Florida, over COVID-19 concerns, he said he'd give an acceptance speech "in a different form."

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