Money Market Fund Assets Continue Surge After Record August Rise. Money market fund assets rose by $26.73 to a record $2.829 trillion, say the ICI's latest weekly statistics. This marked money funds' ninth consecutive weekly record, a period during which they've grown by $249 billion, or 9.7%. Money fund assets likely set the all-time record for a monthly increase in August with flows up $170 billion; January 2001 was the previous recordholder. Year-to-date inflows of $447 billion, or 18.8%, have funds on pace for to smash 2001's record $440 billion inflow. Over the past 52 weeks, money fund assets have risen by an unbelievable $598 billion, or 26.8%. Money funds are gaining assets at the expense of direct money market investments and overnight repurchase agreements. The Federal Reserve continue to push its overnight funds rate below its 5.25% target, driving investors away from repo and into funds.

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