According to Jinshi Data, the asset size of US money market funds hit a new high last week after the global sell-off of risky assets caused investors to cash out. Data from the US Investment Company Association showed that about US$28.4 billion flowed into US money market funds in the week ending August 14, bringing total assets to a record high of US$6.22 trillion.

Retail investors have piled into money funds since the Federal Reserve began one of its most aggressive tightening cycles in decades in 2022. So far, inflows have continued even as investors expect the Fed to soon start cutting interest rates.