Money Market Outflows Slow. Fed Bank Backstop Usage Hits Another Record

Money market funds saw outflows for a third consecutive week, but the pace slowed. Nearly $3 billion exited on net in the week to June 28, data released on Thursday afternoon showed. Total assets fell to $5.43 trillion from a record high of nearly $5.46 trillion on June 7. With rates still very high compared to many savings products and the Fed likely to deliver at least one additional rate hike, it's doubtful that assets have peaked. Total inflows in 2023 are $696 billion even after $27 bi