MMF Assets Decline to $3 Trillion
The weekly "ICI Reports Money Market Mutual Fund Assets" release says, "Total money market mutual fund assets decreased by $73.71 billion to $3.017 trillion for the week ended Wednesday, March 17, the Investment Company Institute reported today. Taxable government funds decreased by $26.25 billion, taxable non-government funds decreased by $44.19 billion, and tax-exempt funds decreased by $3.28 billion." It was the largest single week decrease since the week ended Sept. 17, 2008, when assets declined by $121.3 billion during the week Reserve Primary Fund broke the buck. Assets are at their lowest point since the week ended November 7, 2007. Outflows were driven by rising repo rates, quarterly tax payments and the continued shift into higher-yielding assets. Year-to-date, money fund assets have declined by $276 billion, or 8.4%. Institutional assets have declined by $236 billion, or 10.6%, YTD, while Retail assets have declined by just $40 billion, or 3.8%. Over the past 52 weeks, money fund assets have declined by $847 billion, or 21.7%. Retail assets have declined by $334 billion, or 24.5%, and Institutional assets have declined by $513 billion, or 20.2%.
