Skip to main content
logo
Financial Professional Login
Welcome
Log in for exclusive access and a personalised experience
Log in Sign up
Benefits of creating a free account
  • Customise Guide to the Markets to create a version with your favourite slides
  • Utilise our adviser-only Digital Portfolio Insights tool
  • Unlock expert commentary from Michael Cembalest and access our annual Long-Term Capital Market Assumptions
Hello
  • My Collections
    View saved content and presentation slides
  • Portfolio Analysis
  • Funds
    Overview

    Fund Listing

    • Mutual Funds
    • ETFs
    • ETF Range
    • How to Invest

    Capabilities

    • Alternatives
    • Equities
    • Fixed Income
    • ETF Investing

    In Focus

    • Investing for Income
    • Investing for Fixed Income
    • Investing for Growth
    • Investing for Sustainability
    • Investing for Alternatives
  • Insights
    Overview

    Market Insights

    • Market Insights Overview
    • Guide to the Markets
    • Guide to Alternatives
    • Guide to Investing in Asia
    • Weekly Market Recap
    • On the Minds of Investors
    • Podcasts
    • U.S. Policy Pulse Hub
    • Solving for Fixed Income
    • Eye on the Market

    Portfolio Insights

    • Portfolio Insights Overview
    • Guide to ETFs
    • Global Asset Allocation Views
    • Global Equity Views
    • Global Fixed Income Views
    • Sustainable Investing
    • Alternatives Insights
    • Long-Term Capital Market Assumptions
  • Investment Ideas
    Overview
    • Latest ideas
    • Alternatives Outlook
    • Sustainable investing
    • ETF Knowledge
  • Resources
    Overview
    • Multimedia
    • Insights App
    • Digital Portfolio Insights
    • Announcements
  • About Us
    Overview
    • Awards
    • Diversity, Opportunity and Inclusion
    • Spectrum: Our Investment Platform
    • Our Leadership Team
  • Contact Us
  • Role
  • Country
Hello
  • My Collections
    View saved content and presentation slides
  • Portfolio Analysis
  • Log out
Financial Professional Login
Welcome
Log in for exclusive access and a personalised experience
Log in Sign up
Benefits of creating a free account
  • Customise Guide to the Markets to create a version with your favourite slides
  • Utilise our adviser-only Digital Portfolio Insights tool
  • Unlock expert commentary from Michael Cembalest and access our annual Long-Term Capital Market Assumptions
Log out
Search
Menu
Search
You are about to leave the site Close
J.P. Morgan Asset Management’s website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name.
CONTINUE Go Back
  1. Where will the cash go?

  • LinkedIn Twitter Facebook Line WhatsApp

Where will the cash go?

16/04/2020

Frederick Bourgoin

This year is not comparable to any other year in history in more ways than one.

With the appearance of COVID-19 and the extreme market sell-off in risky assets, in the space of 3 months investors have aggressively been buying money market funds, for approximately a $1tn according to our calculation.

This amounts to more than each of the entire calendar year of 2007, 2008, 2019 individually, the biggest years in money market flows of recent history.

Cumulative Inflows into Money Market Funds every year since 2007

Source: ICI, Bloomberg, JPMAM calculations as of 08-Apr-20

In this new environment, we think it is a key indicator to track going forward.

Are these flows getting re-deployed back to riskier asset classes like equities or emerging market debt?

So far, it is not the case.

  • Economic Outlook
  • Markets
  • Latest

RELATED ARTICLES

FOMC Statement June 2025

Market Views from the Global Fixed Income, Currency & Commodities (GFICC) group

Read more

Watch the lag: thoughts on core CPI (part 2 – an update)

We analyze which economic indicators the Fed should pay attention to and which ones are false alarms.

Read more

FOMC statement & potential impact on fixed income

Looking beyond the disappointing press conference, we believe the FOMC is employing a proactive risk management approach as opposed to a reactionary policy.

Read more
JPMorgan Asset Management

  • Terms & Conditions
  • Financial Services Guide
  • Privacy Policy
  • Cookie Policy
  • Investment Stewardship
  • Voting Policy
  • Unit Pricing Policy
  • Complaint Resolution
  • Sitemap
J.P. Morgan

  • J.P. Morgan
  • JPMorgan Chase
  • Chase

Please note:  Following recent amendments to the Corporations Act, where unitholders have provided us with your email address, we will now send notices of meetings, other meeting-related documents and annual financial reports electronically unless the unitholder elects to receive these in physical form and notify us of this election. Unitholders have the right to elect whether to receive some or all of such Communications in electronic or physical form, the right to elect not to receive annual financial reports at all and the right to elect to receive a single specified Communication on an ad hoc basis, in an electronic or physical form.


 

All investments contain risk and may lose value. This advertisement has been prepared and issued by JPMorgan Asset Management (Australia) Limited (ABN 55 143 832 080) (AFSL No. 376919) being the investment manager of the fund. It is for general information only, without taking into account your objectives, financial situation or needs and does not constitute personal financial advice. Before making any decision, it is important for investors to consider the appropriateness of the information and seek appropriate legal, tax, and other professional advice. For more detailed information relating to the risks of the Fund, the type of customer (target market) it has been designed for and any distribution conditions please refer to the relevant Product Disclosure Statement and Target Market Determination which have been issued by Perpetual Trust Services Limited, ABN 48 000 142 049, AFSL 236648, as the responsible entity of the fund available on https://am.jpmorgan.com/au.