With money market fund interest rates plummeting to close to zero, investors have been fleeing the poorly performing investment vehicle, and moving toward Treasurys as a better and higher yielding safer investment.
Just recently an extraordinary $55.23 billion was withdrawn from money market funds and placed in other investing sectors.
Some of this if from the huge amount of money being pushed into the system by central banks, causing the interbank borrowing rates to plummet close to zero.
This is the reason why Treasurys have rallied some when in these types of economic circumstances they wouldn't have.
Other areas people and institutions are investing in are corporate bonds and commercial mortgage-backed securities. Money market funds should continue to lose billions until interest rates start moving up again, which is doubtful in the near term.