Asset growth of money market mutual funds has picked up steam in recent weeks amid growing fears that a stock market correction is under way.

In the five weeks from July 9 to Aug. 12, some $45 billion poured into money market funds, according to data from the Investment Company Institute, Washington. That translates to an annual growth rate of 38.9%, far stronger than the 26.7% rate for the year to date.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.