ICI: MMF Assets Retake $7.0 Trillion
ICI's latest weekly "Money Market Fund Assets" shows money fund assets jumping $66.8 billion to $7.016 trillion, after falling $19.8 billion the week prior. Money fund assets remain just below their record level of $7.032 trillion set on April 2. They've increased by $712.3 billion (or 11.3%) since the Fed last cut rates on 9/18/24 and increasing by $1.038 trillion (or 17.4%) since 4/24/24. MMF assets are up by $923 billion, or 15.2%, in the past 52 weeks (through 6/4/25), with Institutional MMFs up $483 billion, or 13.2% and Retail MMFs up $441 billion, or 18.0%. Year-to-date, MMF assets are up by just $165 billion, or 2.4%, with Institutional MMFs up $12 billion, or 0.3% and Retail MMFs up $153 billion, or 5.6%. ICI's weekly release says, "Total money market fund assets increased by $66.78 billion to $7.02 trillion for the week ended Wednesday, June 4.... Among taxable money market funds, government funds increased by $56.87 billion and prime funds increased by $10.97 billion. Tax-exempt money market funds decreased by $1.06 billion." ICI's stats show Institutional MMFs increasing $48.7 billion and Retail MMFs increasing $18.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.717 trillion (81.5% of all money funds), while Total Prime MMFs were $1.158 trillion (16.5%). Tax Exempt MMFs totaled $140.4 billion (2.0%). It explains, "Assets of retail money market funds increased by $18.12 billion to $2.89 trillion. Among retail funds, government money market fund assets increased by $11.47 billion to $1.82 trillion, prime money market fund assets increased by $7.83 billion to $941.75 billion, and tax-exempt fund assets decreased by $1.17 billion to $127.79 billion." Retail assets account for well over a third of total assets, or 41.2%, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $48.66 billion to $4.13 trillion. Among institutional funds, government money market fund assets increased by $45.40 billion to $3.90 trillion, prime money market fund assets increased by $3.15 billion to $216.26 billion, and tax-exempt fund assets increased by $111 million to $12.60 billion." Institutional assets accounted for 58.8% of all MMF assets, with Government Institutional assets making up 94.5% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have decreased by $3.1 billion in June (through 6/4/25) to $7.397 trillion, after assets hit a record high of $7.406 trillion on June 3. Assets jumped by $100.9 billion in May, fell by $24.4 billion in April, they rose $2.8 trillion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December, $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 2024. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $330 billion lower than Crane's asset series.
