$286 billion has been sent to United States money market funds over global bank bailout
Insights from Emerging Portfolio Fund Research (EPFR) information of Financial Times stated that the banking crisis has transferred more than $286 billion into United States money market funds, as reported by Cointelegraph.
According to Cointelegraph, investors who invested in US money market funds in last 14 days are Goldman Sachs, JPMorgan Chase and Fidelity. Sources suggest that Goldman Sachs’ money funds clocked $52 billion, JPMorgan’s funds invested nearly $46 billion, and Fidelity secured inflows worth $37 billion.
Based on information by Cointelegraph, during seven days to March 22, 2023, total money market fund assets witnessed an upward trend from $117.42 billion to $5.13 trillion, as highlighted by Investment Company Institute. Reportedly, government funds went up by $131.84 billion and prime funds went down by $10.83 billion. It’s believed that tax-exempt money market funds witnessed a $3.61 billion decrease.
Moreover, Cointelegraph noted that money market fund inflows are backed by financial constraints in US and Europe banks due to liquidity problems amid monetary policy tightening.
(With insights from Cointelegraph)
