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Who’s Winning The 2024 Flows Race?
2024's on track to be a banner year for money market fund inflows.
But you already knew that. Or at least I hope you did. Because that's (still) the key flows story.
As discussed here, MMFs are annualizing around $1.2 trillion of inflows. It's still early, but assuming the final haul comes anywhere near that, 2024 would be the second-best year on record for money fund flows behind only 2023's enormous $1.35 trillion.
Focusing specifically on US money funds, the YTD intake's just short of $2
So, where are the inflows coming from? The latest M-1 and M-2 data sorta hint it’s still an exodus from low-paying bank accounts. But I’ve never seen an analysis that definitively points to that or anything else.
Might it be a wave of foreign money? Or more leverage being employed? Or?
Following the money is getting hard!
This is kinda helpful re: those questions: https://heisenbergreport.com/2024/03/22/cash-for-stocks/
Yes it does. Thanks.