The latest milestone points to continued investor demand for cash-like vehicles as elevated short-term yields keep money-market funds attractive.
U.S. money-market fund assets reached a record $7.95 trillion, the Investment Company Institute, or ICI, reported. The new high underscores continued demand for money-market funds, which are cash-management vehicles that typically invest in short-term government and corporate debt and tend to attract inflows when investors favor liquidity and yield.