Big guys rush into cash faster than little guys
Institutions have been shoveling money into government money market funds, now totaling $2.7 trillion, per ICI. That's up 42% in just the past 8 weeks, the largest rush into the safest of funds since November 2008. Retail investors have just under $1 trillion in those funds, up only 26% in 8 weeks. So, institutions are rushing into money markets even faster than mom-and-pop. The only time in the past decade when institutions shoveled so much more money into these funds than retail investors did was October-November 2016. There wasn't any sign that this was "smart money" fleeing a sinking ship before it was already sunk.
