Cash Blizzard: MMFs Jump $95.9 Billion
ICI's latest "Money Market Fund Assets" report shows money funds jumping $95.9 billion to a record $6.771 trillion in the latest week, after rising $26.8 billion the previous week. Money fund assets have risen in 14 of the last 18, and 25 of the last 33, weeks, increasing by $467.5 billion (or 7.4%) since the Fed cut on 9/18 and increasing by $793.6 billion (or 13.3%) since April 24. MMF assets are up by $885 billion, or 18.7%, year-to-date in 2024 (through 12/4/24), with Institutional MMFs up $481 billion, or 15.7% and Retail MMFs up $403 billion, or 24.0%. Over the past 52 weeks, money funds have risen by $873 billion, or 14.8%, with Retail MMFs up by $429 billion (19.0%) and Inst MMFs rising by $444 billion (12.2%). ICI's weekly release says, "Total money market fund assets increased by $95.86 billion to $6.77 trillion for the eight-day period ended Wednesday, December 4, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $89.40 billion and prime funds increased by $5.14 billion. Tax-exempt money market funds increased by $1.31 billion." ICI's stats show Institutional MMFs increasing $74.7 billion and Retail MMFs rising $21.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.560 trillion (82.1% of all money funds), while Total Prime MMFs were $1.073 trillion (15.9%). Tax Exempt MMFs totaled $137.1 billion (2.0%). It explains, "Assets of retail money market funds increased by $21.19 billion to $2.69 trillion. Among retail funds, government money market fund assets increased $14.86 billion to $1.72 trillion, prime money market fund assets increased by $5.72 billion to $852.53 billion, and tax-exempt fund assets increased by $611 million to $124.39 billion." Retail assets account for over a third of total assets, or 39.8%, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $74.67 billion to $4.08 trillion. Among institutional funds, government money market fund assets increased by $74.55 billion to $3.84 trillion, prime money market fund assets decreased by $578 million to $220.88 billion, and tax-exempt fund assets increased by $700 million to $12.72 billion." Institutional assets accounted for 60.2% of all MMF assets, with Government Institutional assets making up 94.3% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $53.4 billion in December through 12/4 to $7.116 trillion. The day prior (12/3), assets hit an all-time high of $7.121 trillion. Assets rose by $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September, $109.7 billion in August, $16.6 billion in July, $15.7 billion in June and $91.4 billion in May. They declined by $15.8 billion in April and $68.8 billion in March. They rose $72.1 billion in February, $93.9 billion in January and $32.7 billion last December. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're about $340 billion lower than Crane's asset series.
