MMF Assets Return Above $2.8 Trillion
"Total money market mutual fund assets increased by $3.57 billion to $2.802 trillion for the week ended Wednesday, July 28," the Investment Company Institute reported late yesterday. ICI's weekly report says, "Taxable government funds increased by $980 million, taxable non-government funds increased by $5.71 billion, and tax-exempt funds decreased by $3.12 billion." This is yet more evidence that the large outflows of 2009 and the first four months of 2010 may have ended. For July month-to-date, total money fund assets are down by just $11 billion, and over the past 6 weeks, money fund assets are down a mere $4 billion. However, since peaking at $3.92 trillion in January of 2009, money fund assets have declined by $1.1 trillion, a decline of 28.5 percent. But assets remain at the same level they were in September 2007, when the Subprime Liquidity Crisis commenced, and they remain $242 billion, or 9.8% above their level of 3 years ago and almost $1 trillion above their level of the last interest rate cycle low, in 2004.
