Different week, same story.

US money market funds continued to swell and borrowing from the Fed’s newly-created bank term funding facility hit a new high in the week to May 17, data out Thursday afternoon showed.

Money funds are now awash with $5.34 trillion in assets, a new record, according to ICI.

For the second straight week, inflows were the lowest of the post-SVB era (excluding tax-related redemptions). Money funds took in $13.56 billion over the period, with retail leading the way.

Once again, the lion’s share ($9.55 billion) went to government funds, which have taken in nearly half a trillion YTD. You know the story: Americans are concerned about bank deposits, particularly balances in excess of $250,000 and depositors are now acutely aware of the extent to which government paper and Fed repos are just as safe as insured accounts. And they yield three or four times as much.

As long as you can look past the D.C. soap opera (not easy these days, I’ll admit), there’s no reason not to park money in short-term government obligations.

Meanwhile (and not coincidentally), borrowing from the Fed’s Bank Term Funding Program, set up in the wake of SVB’s collapse in March, stood at $87 billion, the highest yet.

Discount window usage retreated, but it was overwhelmed by the $4 billion BTFP increase. Total borrowing between the two was $96 billion, the most since April 26.

Recall that First Republic’s discount window borrowing migrated to a different line item on the Fed’s balance sheet after the bank was purchased by JPMorgan. That accounts for the big drop in the blue bars shown above. Total facility usage between the discount window, BTFP borrowing and the “other credit extensions” line was little changed over the week.

“BTFP usage has risen steadily as rates remain elevated, with banks continuing to suffer from AFS and HTM losses and financing them with expensive front-end borrowing,” TD’s Gennadiy Goldberg said late Thursday, adding that the minuscule drop in total Fed support “reflect[s] ongoing banking system uncertainty.”