Money Fund Assets Soar To Record. Fed Backstop Borrowing Surges

Money market fund assets hit a new record near $5.5 trillion in the week to July 26, data out late Thursday in the US showed. In the three months following SVB's overnight collapse, more than half a trillion poured into money funds, a streak interrupted only by tax week. Flows turned choppy early in June as US equities trekked towards a new bull market and the debt ceiling standoff was resolved without incident. Headed into this week, money funds were down a net $25.78 billion over six weeks,