Capital Markets Summer 2020
I
Risk → Safety Lasting Change
I • We believe companies, institutions, and individuals are likely to retain cash cushions for the foreseeable future
‒ Driven by the increased frequency in so-called “100-year” economic storms
II
Institutions Seeking Safety in Cash
Individuals Also Seeking Safety in Cash
3.4
1.6
III
3.0
1.4
2.6
IV
1.2
2.2
($ Trillions)
1.0
($ Trillions)
1.8
Retail Money Market Funds
V
1.4
0.8
Institutional Money Market Funds
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
VI
Source: Investment Company Institute, June 2020.
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