Money Market Assets Hit Fresh Record. Fed Backstop Usage Rises Anew

Inflows to money market funds slowed in the week to May 10, but total assets nevertheless hit a new record at $5.33 trillion, data released on Thursday afternoon showed. This is the same story week after week. Money market fund yields are highly attractive compared to most bank deposits (although you can get 4% from Tim Cook now), and government money funds are theoretically as safe as FDIC-insured savings accounts. Headlines describing bank runs at regional lenders forced Americans to at leas