Where Data Tells the Story
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Retail money market fund assets surged to a new all-time high of $2.25 trillion in November 2025, up 13.8% year-over-year. Since 2017, balances have more than tripled, highlighting a structural shift toward cash and cash-like instruments. Persistent inflows reflect elevated interest rates, investor caution, and growing demand for liquidity buffers across the U.S. financial system.