Are you tired of those boring bank accounts that just sit there, barely earning any interest? Well, good news for you, my friends! The trend of moving money into higher-yielding money market funds is sooo last season. Yes, you heard it right, it’s time to move back to the old, fashioned on-demand bank accounts.

According to the Investment Company Institute, total assets in money market funds fell by a whopping $68.64 billion, which is basically like losing a suitcase full of money. The last time these funds saw such a huge dollar outflow was back in July 2020, and boy, do they hate to see it happen again.

You know how some things just have a reputation for being super stable? Like your Aunt Edna’s famous meatloaf? Well, the money market business is that Aunt Edna of the financial world. However, from late February to early April, the net assets of money market funds increased by about 10%, to $5.27 trillion. That’s a lot of zeroes, folks.

In case you don’t believe us, here are some numbers to back up the claim. The net assets of money market funds skyrocketed from $4.82t on Feb. 22 to $5.20t on April 19, with a peak of $5.27t on April 12. But things took a downward turn, and as of April 19, it had dropped back down to $5.20t.

But wait, there’s more! Remember when we said the trend was moving towards higher-yielding money market funds? Well, it looks like the tables have turned. According to Mark Diver from Bernstein, this shift in money market flows indicates that deposit outflows from the banking system may have finally stopped. So, get ready to snuggle up with your good ol’ bank account.

Serious News: cnbc