Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on May 18, 2018. Photographer: Michael Nagle/Bloomberg
From stocks to bonds, credit to crypto, money managers looking for somewhere to hide from the Federal Reserve–induced storm battering virtually every asset class are finding solace in a long-reviled corner of the market: cash.
Investors have $4.6 trillion stashed in U.S. money-market mutual funds (MMFs), while ultra-short bond funds currently hold about $150 billion. And the pile is growing. Cash saw inflows of $30 billion in the week through September 21, according to figures from EPFR Global. Where once that stash yielded practically nothing, the vast bulk now earns upwards of 2 percent, with pockets paying 3 percent, 4 percent, or more.
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