Money market fund managers see no end in sight to the record inflows they have garnered in 2023, as cash continues to pour in from investors hoping to take advantage of the highest yields available in years.
Almost $1.15tn has flooded into US money market funds since January 1, according to flow tracker EPFR, fuelled by the Federal Reserve’s aggressive campaign of interest rate rises. That is a far cry from negligible inflows in 2022 and well above the average full-year net inflow figure of $179bn for 2012-2022. The comparable figure for 2021 was $429bn.
Money funds typically hold short-term assets including government debt, whose yields have climbed rapidly as the central bank has turned the screws on monetary policy.
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