Already inundated money market funds took in another $37 billion in the week to June 7, data released late Thursday showed.

The latest haul marked an acceleration in the weekly pace, even as ongoing gains for equities evidence risk appetite and a burgeoning fear of missing the boat on a stock rally that pushed the S&P into an ostensible bull market.

Money funds have seen inflows every week since SVB’s implosion with the exception of tax-related redemptions.

This week, inflows were broad-based across government and prime funds, with retail and institutional investors both chipping in.

The latest update comes as Treasury looks to rebuild its cash balance following the debt ceiling standoff. The enormous influx of cash into money funds has translated directly into heavy and persistent RRP usage. The extent to which RRP balances are deployed into T-bills will go a long way towards determining when the Fed will confront reserve scarcity.

With this week’s inflow, money market funds have taken in $872 billion since October. Eventually, if stocks continue to run higher, you’d expect to see cash put to work in equities — the “FOCUS” dynamic discussed here last week. We’ll see.

Meanwhile, borrowing from the Fed’s newly-created bank backstop rose above $100 billion in the week ending Wednesday. That’s another new record.

Discount window usage receded again, but that’s an afterthought at this point.

This all makes for an interesting conjuncture: US equities in a new bull market, money market fund assets at record highs amid unrelenting inflows and bank borrowing from a Fed backstop facility in excess of $100 billion.

Make of it what you will.