Investors have poured into low-risk money market funds as they seek a refuge from recent tumult on Wall Street sparked by US President Donald Trump’s tariffs, sending the industry’s assets under management to $7tn.
More than $51bn flowed into money market funds over the past week, pushing the total to a record $7.03tn as of Wednesday, according to the Investment Company Institute, a trade group.
Trump’s approach to imposing, withdrawing or delaying levies on major US trading partners, including China, Canada and Mexico, has knocked Wall Street stocks in recent weeks. The blue-chip S&P 500 dropped almost 2 per cent on Thursday and is poised to notch up its worst week since September.
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