It looks like the turmoil in the U.S. banking sector is spreading to Europe. Phil, Mike, and Larry talk about Deutsche Bank’s 10% decline last week as the cost of insuring its debt against default surged, which sparked a selloff in European bank stocks. They then address how this turbulence is affecting money market funds as investors to flee to cash in the biggest rush since the onset of the pandemic. Last week, global cash funds posted inflows of nearly $143 billion, the largest since March 2020 and money market funds saw $238 billion in new cash in just two weeks.

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