U.S. money market funds reach record size as demand for cash-like assets surges
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According to the latest data from Crane Data LLC, approximately $66 billion flowed into the money market fund industry in the week ending May 28. About $41 billion of that was added on Thursday, as investors adjusted their portfolios before month-end. Since the beginning of this year, money market funds have attracted a total of about $172 billion. According to Crane Data, as of May 28, the seven-day average yield for U.S. money market funds was 3.34%.
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