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- Money market funds drew in the most cash since early 2020 as depositors sought safety during a shakeup in the banking industry.
- About $121 billion was poured in money market funds over the past week, the Investment Company Institute said.
- Last week's shutdown of Silicon Valley Bank was the first bank seizure since 2008.
US money market funds this week raked in the most cash in nearly three years as the first US bank failures to take place since the global financial crisis pushed depositors to find other places to stash their funds.
For the week that ended on Wednesday, $120.93 billion flew into money market funds, the Investment Company Institute said Friday. It was the most since April 2020, when the COVID pandemic was in its early stages, Barclays noted.