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Heresy Financial
May 4, 2023
There is a reason so many people are pulling their money out of banks right now and instead putting it in money market funds. Banks are falling like dominoes right now, with PAC West Bank Corp. down 53% in after-hours trading. Western Alliance Bank Corp. was down 23% in after-hours trading. Comerica is down 9% in after-hours trading.
The behemoths that have fallen, like First Republic Bank and Silicon Valley Bank, and money market funds, are attracting record net inflows. As we will see, the reason is that banks offer more risk and less reward, while money market funds right now have far less risk and offer a much better return.
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