US money market funds see big inflows amid debt ceiling caution

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US money market funds see big inflows amid debt ceiling caution
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U.S. money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country's debt ceiling.

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According to Refinitiv Lipper data, U.S. money market funds received a net $39.9 billion of inflows, the biggest week of net buying in four weeks.U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal to raise the government's $31.4 trillion debt ceiling for two years, a U.S. official told Reuters, but time is running short.it will run out of funds within a week, and legislating any deal will take that down to the wire.Investors sold $1.

equity value funds and $703 million from growth funds, respectively.Meanwhile, sectoral equity funds remained in demand as they drew a net $335 million worth of inflows. Tech and consumer discretionary sectors received a net $420 million and $289 million, respectively.On the other hand, U.S. bond funds attracted a fourth week of inflows, worth about $4.22 billion.U.S. corporate and high yield funds also drew $1.

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