Investors and companies have started to redeploy the record amounts of cash they stashed in ultra-safe money market funds at the height of the Covid-19 turmoil, eager not to miss out on a rapid recovery in riskier assets.
Money market funds received $1.2tn of inflows between March and May, according to data from the Investment Company Institute. These cash-like funds are popular with corporate treasurers looking for a place to put spare cash, and investors looking for a haven in periods of market stress.
But these funds have now experienced outflows for four consecutive weeks, totalling almost $105bn. Portfolio managers and bankers report that some investors are diverting cash into higher-yielding investments, such as corporate bonds.
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