Money market mutual fund assets fell below the $2.8 trillion level and dipped to their lowest level since late July 2010 and since late August 2007. ICI's latest "Money Market Mutual Fund Assets" survey says, "Total money market mutual fund assets decreased by $5.81 billion to $2.799 trillion for the week ended Wednesday, October 13. Taxable government funds decreased by $7.04 billion, taxable non-government funds increased by $2.58 billion, and tax-exempt funds decreased by $1.36 billion."
ICI's weekly report continues, "Assets of retail money market funds decreased by $2.67 billion to $950.30 billion. Taxable government money market fund assets in the retail category decreased by $550 million to $165.56 billion, taxable non-government money market fund assets decreased by $1.49 billion to $581.40 billion, and tax-exempt fund assets decreased by $630 million to $203.34 billion." Retail money fund assets are at their lowest level since November 2006.
It adds, "Assets of institutional money market funds decreased by $3.14 billion to $1.849 trillion. Among institutional funds, taxable government money market fund assets decreased by $6.49 billion to $654.79 billion, taxable non-government money market fund assets increased by $4.07 billion to $1.069 trillion, and tax-exempt fund assets decreased by $730 million to $124.83 billion." Institutional assets are at their lowest level since August of this year.
Year-to-date, money fund assets have declined by $494 billion, or 15.0%, and over 52 weeks money fund assets have declined by $605 billion, or 17.1%. Over the past 2 years (104 weeks), money fund assets have fallen by $708 billion, or 19.8%, while over 3 years (156 weeks) money fund assets are almost flat (down by $29.8 billion, or 1.1%). But assets remain almost $900 billion higher than their most recent previous trough of $1.913 trillion at the end of 2004 and almost a trillion higher than their level of 10 years ago ($1.845 trillion at year end 2000).
