Investors have poured $1tn into global money market funds so far in 2023, attracted by the best yields available in years and uncertainty over the outlook for the US economy.
The flood of cash into money market funds over the past eight-and-a-half months — a trend concentrated mainly in the US — puts the vehicles on course for record inflows of $1.5tn by the end of this year, according to Bank of America Securities, citing annualised data from flow tracker EPFR.
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