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Global money market funds attract heavy inflows as US debt ceiling looms

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Global money market funds drew inflows for a fifth straight week in the seven days to May 24 as investors resorted to buying safer assets on caution with time running out for talks over raising the U.S. debt ceiling.

According to Refinitiv Lipper data, global money market funds received about $17.67 billion worth of inflows, the biggest amount in three weeks.U.S. money market funds received $39.89 billion worth of inflows but investors sold European and Asian funds of $15.76 billion and about $30 million, respectively.

Meanwhile, global equity funds faced $4.14 billion worth of net selling, the sixth weekly outflow in a row.

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