Americans were hoarding cash — even before the latest market turmoil

Last week’s reciprocal tariff announcement has investors more jittery than at any point this year. Economists are raising the odds of a global recession, US and global stock indexes are tumbling, and oil prices have tanked. Instead of buying the dip, though, some investors and corporations are doing the opposite: hoarding cash.  

According to The Wall Street Journal, assets in money market funds (MMFs) — near-cash assets that invest in short-term debt, offering a secure, modest yield — hit a record $7.4 trillion, per Crane data. Over $60 billion flowed in during just the first few days of April, as some investors sought safer ground. 

However, the MMF asset boom started long before tariffs made headlines.

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