"ICI Reports Money Market Mutual Fund Assets", saying "Total money market mutual fund assets decreased by $53.52 billion to $3.429 trillion for the week ended Wednesday, September 30, the Investment Company Institute reported.... Taxable government funds decreased by $10.92 billion, taxable non-government funds decreased by $35.52 billion, and tax-exempt funds decreased by $7.08 billion.... Assets of retail money market funds decreased by $12.99 billion to $1.125 trillion.... Assets of institutional money market funds decreased by $40.54 billion to $2.304 trillion." Assets declines likely were due to quarter-end, when higher overnight repo rates draw cash out of money funds and into overnight investments. Money funds also continue to experience outflows due to virtually zero yields, as investors seek higher returns in bank products, bonds, and other alternatives. For September, money fund assets have declined by about $130 billion, and year-to-date, money market mutual funds have declined by over $400 billion, or 10.5%.
