The Wall Street Journal writes, "Rising Yields Fatten Americans' Pocketbooks. They tell us, "​The summer bond-​market rout is delivering a windfall to savers whose rush into higher-​yielding investment products is reshaping the U.​S. financial system. Americans poured $​36 billion into money-​market funds in the latest week, taking advantage of yields that have soared past 5% -- a figure that only recently seemed like a dream for consumers and businesses shopping for a place to park their cash. That marked the biggest weekly inflows since May, according to Refinitiv Lipper data through Aug. 16. Assets in retail money-​market funds have surged more than 25% this year, according to Federal Reserve data, to a record $​1.​5 trillion. Funds from firms including Vanguard Group, Charles Schwab and JPMorgan Chase are offering yields above 5%.... [Money] funds recently paid an average interest rate of 5.​15%, according to Crane Data, the highest level since 1999." The Journal piece continues, "For consumers and businesses, higher short-​term interest rates are giving them a chance to do something they haven’​t since the days before the 2008 financial crisis: park money in safe places and get paid well for it.... Of course, the epic shift of these funds isn'​t without its potential costs. Regional banks have come under pressure this year as savers awoke to the possibility of getting better paid elsewhere to park their funds. Deposits in noninterest-​bearing deposits at U.​S. banks fell 18% from a year ago in the first quarter, according to Federal Deposit Insurance Corp. data. Those fleeting deposits are raising questions on Wall Street about the viability and long-​term business prospects of thousands of smaller banks." See also, the WSJ'​s update "Where Investors Are Finding Returns in a World of Yield."

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