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

Investors moved an additional $20.2 billion into money market funds last week, while pulling $13.8 billion out of equity funds, data from the Investment Company Institute shows.

Why it matters: The increased desire for money market funds, which are ostensibly savings accounts, has come as yields on the 10-year Treasury note fell from 2.51% on April 3 to 1.59% on Oct. 2, showing it's fear rather than greed driving fund flows.

  • It's the continuation of a trend that has been in place all year and accelerated in the second and third quarters.

Details: Year to date, investors have moved $424 billion into money market funds, $361.5 billion of which has been deposited over the last 6 months. Conversely, $154.1 billion has been drained from equity mutual funds and ETFs in 2019, with $136.9 billion of outflows coming in the past 6 months, according to ICI's data.

  • More than $3.5 trillion currently sits in money market funds, the most since 2009.

Go deeper: Investors are missing out on the stock market rally

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Biden releases 2019 tax returns ahead of debate

Photo: Alex Wong/Getty Images

Joe Biden's campaign released his 2019 tax returns on Tuesday, showing that he and his wife, Jill, paid nearly $300,000 in federal taxes last year.

Why it matters: The release, timed just hours before the first presidential debate, comes days after a bombshell New York Times report said that President Trump paid only $750 in federal taxes in 2016 and 2017. Biden's team is hoping to make the tax contrast a sticking point during their showdown.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:15 p.m. ET: 33,454,037 — Total deaths: 1,003,571 — Total recoveries: 23,204,219Map.
  2. U.S.: Total confirmed cases as of 2:15 p.m. ET: 7,165,067 — Total deaths: 205,476 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.

NYC's coronavirus positivity rate spikes to highest since June

New York Mayor Bill de Blasio. Photo: Noam Galai/Getty Images

New York City's coronavirus positivity rate has ticked up to 3.25%, its highest since June, Mayor Bill de Blasio said at a news conference on Tuesday.

Why it matters: The jump — from 1.93% on Monday — came on the first day that public elementary classrooms reopened in the city after months of closures, but guidelines state that all public schools will have to shut if the citywide seven-day positivity rate stays above 3%.