03.26.23

Money Market Funds Swell by More Than $286 Billion Amid Deposit Flight

by: Brooke Masters; Harriet Clarfelt; Kate Duguid

Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into U.S. money market funds (MMFs) following the collapse of two regional U.S. banks and the rescue deal for Credit Suisse. More than $286 billion has poured into MMFs so far in March, making it the biggest month of inflows since the depths of the pandemic, according to data provider EPFR. The pace of inflows has accelerated in the past two weeks, particularly from large depositors looking for safe havens. While U.S. officials agreed to backstop all of the deposits at Silicon Valley Bank and Signature Bank, which failed the same weekend, they have not guaranteed those above $250,000 at other institutions.

Read the full article on Financial Times