Bank of America reported Friday that investors had poured $756 billion into cash funds this year, drawn by high yields and bank worries.
According to BofA, $23.1 billion flowed into money market funds weekly to Wednesday.
Money market funds, which invest in highly liquid short-term government debt, have higher yields due to rising interest rates.
After several mid-sized U.S. banks failed this year, many people and companies moved their money to MMFs.
According to BofA, tech stock funds received $500 million for the sixth straight week.
AI hype has lifted the tech-heavy Nasdaq U.S. stock index (.NDX) by 25% this year.
Stock funds lost $3.9 billion for a third week.
Bond funds received $9.5 billion from Wednesday to Wednesday. BofA claimed annual inflows reached $152 billion.
Money market funds received $917 billion in 2020 due to COVID-19 fears.
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