Investors flock to cash and money market funds amidst debt ceiling concerns.
US money market funds received a net $39.9 billion of inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country's debt ceiling. Meanwhile, riskier equity funds saw outflows for a ninth straight week, worth $1.79 billion. U.S. bond funds attracted a fourth week of inflows, worth about $4.22 billion, with government bond funds receiving $2.43 billion in a fifth straight week of net buying.