Money-market funds rake in $300 billion amid bank-deposit 'bleed-out'

The wall of money migrating into US money-market funds has risen to $304 billion in just three weeks, as depositors spooked by the banking turmoil look elsewhere to park their savings.

The flows accelerated following the collapse of Silicon Valley Bank and Signature Bank in early March, signaling depositors worried about the safety of their savings were pulling money out of banks and parking it elsewhere. "We think that depositors have just awoken to their ability to earn more yield in a money market fund with potentially less risk. After all, and unlike banks, money funds' assets are very short, so they are subject to far less interest rate risk in a Fed tightening cycle," Barclays strategist Joseph Abate said,The flows into money-market funds, while still substantial, moderated in the most recent week in focus to $66 billion from almost $120 billion in the prior period.

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