{"id":14844,"date":"2023-05-28T05:38:50","date_gmt":"2023-05-28T09:38:50","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/investors-have-poured-756-billion-into-cash-funds-this-year-bofa\/"},"modified":"2023-05-28T05:38:50","modified_gmt":"2023-05-28T09:38:50","slug":"investors-have-poured-756-billion-into-cash-funds-this-year-bofa","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14844","title":{"rendered":"Investors have poured $756 billion into cash funds this year – BofA"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS\/Carlo Allegri\/File Photo<\/span>
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LONDON (Reuters) – Investors have poured $756 billion into cash funds this year, Bank of America (NYSE:) said in a note on Friday, attracted by juicy yields and driven by concerns about banks.<\/p>\n

The rush into money market funds continued in the week to Wednesday, with $23.1 billion flowing into the cash-like instruments, according to BofA, which cited figures from financial data company EPFR.<\/p>\n

Rising interest rates have pushed up the yields available on money market funds, which are mutual funds that invest in highly liquid short-term debt, such as that issued by governments.<\/p>\n

The collapse of a handful of mid-sized U.S. banks this year has caused many people and companies to pull their money out of bank deposits and put it into MMFs.<\/p>\n

BofA’s note also showed that interest in tech stocks continued, with $500 million flowing into tech stock funds in the sixth straight week of inflows.<\/p>\n

The tech-heavy Nasdaq U.S. stock index has risen around 25% this year, boosted by excitement about artificial intelligence.<\/p>\n

Overall, however, stock funds saw their third straight week of outflows, at $3.9 billion.<\/p>\n

Bond funds saw inflows of $9.5 billion in the week to Wednesday. That took total yearly inflows to $152 billion, BofA said.<\/p>\n

The flow into cash funds is rapidly approaching 2020 levels, when COVID-19 spooked investors and $917 billion made its way into money market funds. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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