Money-Market Assets Rise to Record $8 Trillion, Crane Says (2)

US money-market funds now have more than $8 trillion in assets under management, a milestone for an industry that’s skyrocketed in popularity among investors thanks to its lofty yields.

The total rose by roughly $105 billion in the week through Monday, putting it at a fresh record, according to Crane Data, a money-market and mutual fund information firm.

Investors have continued to pile into money-market funds, even in the face of the Federal Reserve’s interest-rate cuts, largely due to their superior yields relative to other instruments — especially bank deposits. The seven-day yield on the Crane ...