Investors poured a record $6.47 trillion into money market funds, according to a new report.
In the last week alone, $11 billion has flowed into the funds, Bloomberg reports, citing data from the Investment Company Institute.
Investors have flocked to money market funds as the Federal Reserve has raised interest rates to earn higher returns on their cash.
Now that the Fed has begun cutting rates, JPMorgan Chase analysts warn that the money market mania will end, but not in the short term.
"Money market funds typically do not experience outflows until the Fed is further along in the easing cycle and the Treasury curve normalizes and becomes stable."
JPMorgan strategists say it typically takes several months during Fed easing cycles for money to start leaving money markets.
This time, they say it may take longer for the outflow to kick in. They track the yield curve between three-month Treasury bills and two-year bills, which remains inverted, as a key indicator.
Much of the new money flowing into the funds over the past week came from retail investors, who accounted for $8 billion in inflows.
The remaining $3.19 billion came from institutional investors.
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