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Retail Money Funds have always peaked at SP500 lows. Retail Money Funds series is a market psychology indicator. Feb’s 2025, with recent adjustments, is reported as a peak at $2088.3Bil vs 2 month decline to April’s $20140.3Bil. It is fascinating in that consumer confidence has recently improved. I observe that many industrials are recovering from April lows. This could be coincidental or it could be a sign that the current administration’s tariff policies have spurred retail equity investment.

Two months of a downtrend in Retail Money Funds is too little to be determinant but this does capture one’s attention when correlated with other observations.

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