Money Market Funds Continue to Attract Record Inflows in 2023

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. That is a far cry from negligible inflows in 2022 and well above the average full-year net inflow figure of US$179 billion for 2012-2022. The comparable figure for 2021 was US$429 billion.

Money funds typically hold short-term assets including government debt, whose yields have rapidly climbed as the central bank has turned the screws on monetary policy. More than US$257 billion poured in between Oct. 31 and Nov. 30 alone, according to the latest available data, the biggest monthly inflow since U.S. banking ructions in March sparked a flight from ordinary deposit accounts. Those inflows have persisted even as markets are pricing in bets that the Fed will not raise interest rates again this cycle, and will cut borrowing costs as soon as the spring. Assets hit an all-time high of US$5.8 trillion on Nov

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