The scale of U.S. money market funds has first surpassed 8 trillion dollars, which indicates that investment institutions and individuals are putting more money into safe-haven assets rather than risk markets. This data, from the current perspective, is indeed not a good sign, as it effectively reduces market liquidity.

However, from another perspective, when the Federal Reserve continues to maintain an accommodative stance and the SLR is canceled, this portion of funds will be forced to leave money market funds and enter risk markets, which will then bring very strong liquidity.