Money market fund assets under management have hit a record $7.4 trillion.
This now reflects ~15% of the S&P 500's market cap, up from 13% in February.
Over the last 2 years, total assets have risen by a whopping $2 trillion.
This is despite the Fed cutting rates by 100 basis points since September 2024.
According to the Crane 100 Money Fund Index, which tracks the 100 largest money market funds, these funds are now yielding 4.14% on average.
Risk-free investments have never been more popular.