US Money-Market Funds Hit Record $8.29 Trillion as T-Bill and Chill Endures

US money-market fund assets surged to a record $8.29 trillion, according to Crane Data, as retail investors and corporate treasurers continued to favor the safety and steady returns of cash-like instruments. Inflows topped $1 trillion last year and have persisted into 2026, defying expectations that Federal Reserve rate cuts would spark a rotation into riskier assets. The 100 largest money-market funds yielded approximately 3.5% as of late April, Crane Data said, offering a hedge against volatility in stocks, Bitcoin and gold. "Convenience is king with cash," said the firm's president, Peter Crane. Even after the central bank lowered borrowing costs three times in 2025, investors kept piling in amid geopolitical unrest and economic uncertainty. Households, high-net-worth individuals and businesses are all participants. Nonfinancial companies held nearly $6.2 trillion in cash and short-term instruments at end-2025, up 4% year-over-year, according to SMBC Nikko Securities. Alphabet Inc. parked more than 40% of its cash equivalents in such funds. Crane noted that calls for a "wall of cash" to shift into risk assets have proved premature since money funds first crossed $1 trillion in 1997.