In the week leading up to April 26, there were significant inflows into US money market funds as investors moved towards safer investments due to lingering concerns about the local banking industry and an impending recession.

According to Refinitiv Lipper data, investors made their largest weekly net purchase of US money market funds since March 29, with a net purchase of $47.72 billion.

As First Republic Bank (NYSE:FRC) reported a more than $100 billion decline in deposits in the first quarter, investors were concerned that the U.S. regional banking crisis may not be over.

In the meantime, investors sold a net $3.75 billion worth of U.S. equity funds for the fifth consecutive week.

Although investors poured $467 million into financials in a third consecutive week of net buying, the tech and consumer discretionary sectors experienced net selling of $842 million and $335 million, respectively.

Additionally, investors sold $1.62 billion worth of U.S. bond funds for the second consecutive week.

A total of $2.18 billion, $892 million, and $797 million in net selling was recorded for U.S. general domestic taxable fixed income, inflation-protected, and loan participation funds, respectively.

However, despite net selling of $2.14 billion the previous week, government bond finds secured inflows of $2.22 billion.