BREAKING: Money market funds posted -$172.2 billion in outflows last week, the largest weekly drawdown on record.

This is +320% above the average April weekly outflow of -$410 billion seen over the last 4 years.

As a result, the 4-week moving average of withdrawals is down to -$30.0 billion, the largest since early 2024.

Some of the outflows were redirected into other assets, with +$11.3 billion flowing into equity funds and +$7.9 billion into bond funds last week.

At the same time, gold and crypto funds each attracted +$1.2 billion in inflows.

The move was also likely tax-related, as April typically sees an increase in cash withdrawals for tax payments.