Investors shifted more cash into money market funds for nine consecutive weeks, ...
NEW YORK - Investors shifted more cash into money market funds for nine consecutive weeks, suggesting they are somewhat nervous even as Wall Street is hovering at all-time highs, according to a private report released on Wednesday.
Assets of money market funds, which are considered nearly as safe as bank accounts, increased by $19.13 billion to $3.156 trillion in the week ended June 25, the Money Fund Report said.Taxable money market fund assets grew by $17.92 billion to $3.020 trillion, while tax-free assets climbed by $1.21 billion to $135.74 billion, according to the report, published by iMoneyNet.
On the other hand, their average allocation rose to 5.6% from 4.6% - the biggest jump since the 2011 debt ceiling crisis. Average yields on money funds were resilient even as U.S. bond yields have fallen on bets that Fed would lower key lending rates to preserve the current economic expansion.
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