​ Money Market Asset Surge Continues, Funds Close in on $​3 Trillion Mark. ICI reports that money market mutual fund assets increased by $​37.​14 billion to a record $​2.​892 trillion in the week ended October 3. MMMFs have increased by an eye-​popping $​646 billion, or 28.​7%, over the past 52 weeks and by $​510.​2 billion, or 21.​4%, year-​to-​date, and are just $​108 billion away from the $​3 trillion barrier. Fund assets posted their biggest monthly increase on record in August, rising by $​162.​5 billion. Institutional assets, which now account for a record 62.​4% of all money funds, continued to lead the surge, rising $​32.​68 billion to a record $​1.​804 trillion. Companies, fiduciaries, and financial institutions are attempting to delay and defray the impact of the latest Federal funds target rate cut, and are seeking the safety of funds' diversity and management expertise in the current perilous market.

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