Money Market Assets, Fed Bank Backstop Usage Hit New Records

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.