Apr 24, 2020 - Economy & Business

Professional investors keep loading up on cash

Dion Rabouin, author of Markets
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 10 hours ago - Health

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

The Department of Health and Human Services moved on Thursday to require that an individual's race, ethnicity, age and sex be submitted to the agency with novel coronavirus test results.

Why it matters: Some cities and states have reported the virus is killing black people at disproportionately high rates. There are gaps in the national picture of how many people of color are affected, since the data has not been a requirement for states to collect or disclose.

Coronavirus cases spike in Texas, Oregon and Arizona

Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise, Naema Ahmed/Axios

Texas, Arizona and Oregon saw significant spikes last week in new coronavirus infections, while cases also continued to climb in a handful of states where steady increases have become the norm.

Why it matters: Nationwide, new cases have plateaued over the past week. To get through this crisis and safely continue getting back out into the world, we need them to go down — a lot.

Updated 10 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 5 a.m. ET: 6,651,047 — Total deaths: 391,439 — Total recoveries — 2,881,715Map.
  2. U.S.: Total confirmed cases as of 5 a.m. ET: 1,872,660 — Total deaths: 108,211 — Total recoveries: 485,002 — Total tested: 18,214,950Map.
  3. Congress: What to know about the Senate's PPP reforms.
  4. Public health: The long journey to herd immunity — HHS moves to require data on race and ethnicity with coronavirus test resultsMedical journal retracts study that fueled hydroxychloroquine concerns.
  5. States: Americans will be forced to weigh personal coronavirus risk as states reopen — Cases spike in Texas and Arizona.
  6. Jobs: 1.9 million Americans filed for unemployment last week.