US Money-Market Fund Assets Surpass $7 Trillion for First Time

US money-market funds now have more than $7 trillion in assets under management, a milestone for an industry that’s skyrocketed in popularity among investors thanks to lofty and dependable yields.

The total rose by roughly $91 billion in the week through Wednesday, putting it at a fresh record, according to Crane Data, a money-market and mutual fund information firm.

The $7 trillion mark follows months of consecutive records in money-market assets, offering a rebuttal to questions over whether the industry could remain in vogue as Federal Reserve officials pulled interest rates down from a two-decade high.

Investors have ...