US Money-Market Assets Rise to Record High of $6.51 Trillion (1)

A stampede into US money-market funds has pushed the industry’s total assets to a record $6.51 trillion as investors seek out lofty yields in the face of Federal Reserve interest-rate cuts.

Some $40.4 billion flowed into money-market funds in the week ending Oct. 23, according to the latest Investment Company Institute data released on Thursday. That boosts this year’s inflows to more than half-a-trillion dollars as traders debate the pace of reductions ahead in US borrowing costs.

Even after the central bank cut its benchmark by a half-point in September, money-market funds have lured fresh investment thanks to their ...