Global Money Market Funds Draw $153.81 Billion, Largest Weekly Inflow Since May 6

Global money market funds attracted a net $153.81 billion in the week ended October 7, their largest weekly inflow since May 6, as a global bond selloff and inflation fears drove investors to safer assets, LSEG Lipper data showed. French bonds came under pressure, pushing the 10-year yield to a 24-year high of 4.994%, on concerns over a budget deficit exceeding 5% of GDP. The US 10-year Treasury yield climbed to a 24-1/2-year high of 5.3645% on Wednesday as higher oil prices stoked persistent inflation fears. Global equity funds drew $560 million, the smallest weekly inflow in three weeks. European equity funds gained $6.19 billion and Asian funds $6.16 billion, while US funds lost $5.11 billion. Global bond funds took in $26.03 billion, their largest weekly inflow since July 8. Gold and precious metals funds recorded a fourth straight week of inflows at $1.41 billion.