Investor cash flowing into U.S. money-market funds has slowed sharply this year, reducing demand for Treasury bills and pushing Treasury bill yields higher relative to key short-term interest-rate benchmarks.
Money-market fund inflows totalled about $158 billion in the first three quarters of the year, sharply below the $823 billion recorded for all of 2025 and $840 billion in 2024, according to TD Securities data.
