Investors pulled money from money-market funds in each of the last two weeks, a phenomenon "almost unheard of in January," Crane said. According to iMoneyNet, investors withdrew US$2.47 billion in the week ended Feb. 5 and US$23.1 billion in the week ended Jan. 29.
Institutional investors accounted for the bulk of the withdrawals. Institutional money-fund assets dropped by US$4.1 billion last week and US$21.3 billion the previous week.
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