Investors contributed $70.29 billion to money market funds in the week ended Tuesday, according to iMoneyNet’s Money Fund Report, Reuters reports.
“Money just keeps flowing in,” said Mike Krasner, editor of the report.
Of the flows, $60.15 billion came from institutional investors and $10.14 billion from retail investors.
As a result, total net assets in money market funds now stands at a record $2.65 trillion. Of that, $2.234 trillion is in taxable funds, which are now offering a seven-day simple yield of 4.76%, up from 4.73%. The seven-day compound yield is 4.87%, up from 4.84%.
“It’s a fairly competitive return,” Krasner said. “Folks seem to be happy with them, and especially with the stock market spiraling, it’s a place to take a little time out, park some cash, get your 5%-plus plus return, sit on the sidelines and see what happens.”