Big week for money market funds amidst financial turmoil

In this article, you will get all the information regarding Big week for money market funds amidst financial turmoil

Last week’s financial turmoil sent investors running for safety.

– Advertisement –

They turned to money market funds.

That fund sector attracted its largest weekly inflow of cash since the early part of the COVID-19 pandemic, according to data reported by Bloomberg.

advertisement

US money-market funds attracted nearly $120.93 billion in the week to March 15, the biggest inflows since April 2020.

Credit Suisse to borrow up to $54B from the Swiss National Bank

Fears of the collapse of Silicon Valley bank Signature Bank and concerns over Europe’s Credit Suisse have fueled demand for high-quality, liquid assets.

Total assets rose to $5.01 trillion, the highest on record since 2007.

Retail money accounted for $20.15 billion of the total increase, while institutional cash increased by $100.78 billion.

The increase was led by government funds, which invest primarily in securities such as Treasury bills, repurchase agreements and agency debt.

Signature Bank faced a criminal investigation before the firm filed for bankruptcy

The coronavirus pandemic created a record weekly inflow of $286 billion in March 2020.

After 40 years, SVB, the country’s 17th largest, was closed by FDIC as regulators a week ago Faced with a liquidity crunch following a $2 billion loss, it moved to protect customers.

It became the biggest bank failure since the financial crisis.

New York-based Signature Bank is being closed to protect consumers, federal regulators said Sunday financial system After the collapse of SVB.

silicon-valley-bank

Goldman reportedly booked losses on Portfolio SVB

Established in 2001, New York-based Signature Bank was popular among crypto companies. The institution provided deposit services for its customers’ digital assets, but did not provide collateralized loans to them.

Credit Suisse lost nearly a quarter of its value on Wednesday after its biggest investor said it could provide no more financial support to the Swiss bank.

On Thursday, Credit Suisse said it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.

Big week for money market funds amidst financial turmoil

For more visit ReportedCrime.com

Latest News by ReportedCrime.com

Leave a Comment

%d bloggers like this: