BREAKING: Assets in US money market funds surged +$66 billion in the week ending May 28th, to a record $8.28 trillion. +$41 billion of that came in a single day as investors rebalanced their portfolios ahead of month-end. Year-to-date, money market funds have attracted +$172 billion in total inflows. Since the 2020 pandemic, total assets have soared +112%, or +$4.4 trillion. This comes as the market is pricing in a ~60% probability of a Fed rate hike this year, supporting demand for short-term cash-like assets. Meanwhile, the 7-day average yield for US money market funds stood at 3.34% as of May 28th. Investors are anticipating the Fed's next move.(The Kobeissi Letter)