MMFs Plunge $175B; Biggest Drop Ever
The Investment Company Institute published its weekly "Money Market Fund Assets" report Thursday, which shows money fund assets plunging by $175.8 billion on huge April 15 tax day outflows to $7.643 trillion, the biggest weekly drop in history, after increasing by $8.0 billion the previous week. (The second largest drop ever was $125.4 billion during the week ended April 16, 2025; the third largest was $121.3 billion the week of Sept. 17, 2008; and the fourth largest was $112.0 billion the week ended April 17, 2024.) Assets hit a record high $7.856 trillion four weeks ago <b:>`_. MMFs have risen in 23 of the last 30 weeks and 31 of the past 39 weeks. MMF assets are up by $762 billion, or 11.1%, over the past 52 weeks (through 4/15/26), with Institutional MMFs up $536 billion, or 13.3% and Retail MMFs up $226 billion, or 7.9%. Year-to-date in 2026, MMF assets are down by $90 billion, or -1.2%, with Institutional MMFs down $86 billion, or -1.9% and Retail MMFs down $4 billion, or -0.1%. ICI's weekly release says, "Total money market fund assets decreased by $175.81 billion to $7.64 trillion for the week ended Wednesday, April 15, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $154.88 billion and prime funds decreased by $16.70 billion. Tax-exempt money market funds decreased by $4.24 billion." ICI's stats show Institutional MMFs decreasing $137.7 billion and Retail MMFs decreasing $38.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.273 trillion (82.1% of all money funds), while Total Prime MMFs were $1.229 trillion (16.1%). Tax Exempt MMFs totaled $141.1 billion (1.8%). It explains, "Assets of retail money market funds decreased by $38.08 billion to $3.07 trillion. Among retail funds, government money market fund assets decreased by $18.21 billion to $1.96 trillion, prime money market fund assets decreased by $16.80 billion to $989.26 billion, and tax-exempt fund assets decreased by $3.07 billion to $129.03 billion." Retail assets account for 40.2% of the total, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $137.73 billion to $4.57 trillion. Among institutional funds, government money market fund assets decreased by $136.68 billion to $4.32 trillion, prime money market fund assets increased by $106 million to $239.44 billion, and tax-exempt fund assets decreased by $1.16 billion to $12.06 billion." Institutional assets accounted for 59.8% 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 $105.6 billion to $8.086 trillion month-to-date in April (as of 4/15), assets hit a record high on March 18 of $8.280 trillion. (Our asset series previous record high, $8.276 trillion, was set on 3/17/26.) Assets decreased by $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May, but fell by $24.4 billion last April. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
