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Live news: Money market funds report largest weekly outflow since 2020

Nearly $69bn leaked out of US cash market funds in the course of the week ending April 19, marking a pointy reversal after banking turmoil and the best yields in years despatched lots of of billions of {dollars} flooding into the automobiles in March alone.

Authorities cash market funds, which usually maintain money and ultra-safe short-term Treasury debt that’s straightforward to purchase and promote, endured outflows of $60bn, largely pushed by institutional traders.

Prime funds, which might additionally maintain financial institution debt, had been hit by a smaller decline of simply $2bn, in keeping with new information from the Funding Firm Institute.

The strikes took general cash market fund property to $5.21tn as of Wednesday.