The Investment Company Institute's weekly "Money Market Mutual Fund Assets" series shows money funds declining by $5.51 billion to $3.515 trillion in the week ended Wednesday, June 11. Retail money fund assets declined by $4.88 billion to $1.222 trillion and institutional money fund assets declined by $630 million to $2.293 trillion. Money funds likely saw withdrawals due to summer vacation and graduation spending, while institutional inflows halted temporarily due to a sudden rise in short-term rates based on expectations of a Fed tightening.