Money Fund Assets Fall $42.89 Billion
ICI reports money market fund assets fell $42.89 billion to $3.863 trillion in the week ended March 18. The release says, "Taxable government funds decreased by $29.80 billion, taxable non-government funds decreased by $12.99 billion, and tax-exempt funds decreased by $100 million.... Assets of institutional money market funds decreased by $39.11 billion to $2.502 trillion. Assets of retail money market funds decreased by $3.78 billion to $1.361 trillion." While March 15 tax-related outflows likely contributed, it is also likely an indication of investors moving back into stocks. In other news, more Treasury funds have reopened to investors. Goldman Sachs Financial Square Treasury Instruments and ILA Treasury Instruments issues a filing which says, "In a Supplement dated December 19, 2008, shareholders of the funds listed above were informed that each Fund would be closed to new investments. Effective March 9, 2009, each Fund will re-open for investment." Finally, see "Moody's confirms ratings of five Lehman funds; will withdraw ratings," "Moody's confirms ratings of four Reserve funds; will withdraw ratings," and Bond Buyer's "ICI Aims for Money Fund Improvements".
