Investors poured cash into U.S. money-market funds for a fifth straight week.
Investors are locking in higher yields before the Fed's rate cuts begin.
Money-market funds are thriving even as the Fed prepares to ease interest rates.
Central bankers are withdrawing the liquidity they pumped into their economies during the pandemic.
The nonpartisan Congressional Budget Office last week upped its deficit estimate for 2024 to almost $2 trillion.
Much of the decline in money-market fund assets was led by institutional funds.
That limit is on track to be reinstated on Jan. 1.
Retail investors have piled into money funds since the Fed began its tightening campaign in 2022.
Traders are wary that the dwindling amount of notes available could fall far short of demand.
Fed President John Williams said he expects “bumps along the way” in the effort to rein in inflation.
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