MMF Assets Decline for 2nd Week
The Investment Company Insitute's latest "Money Market Mutual Fund Assets" shows money fund assets declining for the second straight week. It says, "Total money market mutual fund assets decreased by $7.04 billion to $2.645 trillion for the week ended Wednesday, March 7, the Investment Company Institute reported today. Taxable government funds decreased by $6.40 billion, taxable non-government funds decreased by $1.96 billion, and tax-exempt funds increased by $1.32 billion." Year-to-date, money fund assets have declined by $50 billion, or 1.8%, while they have declined by $105 billion, or -3.8%. Institutional assets have fallen by $28 billion YTD (-1.6%) and $90 billion (or 5.0%) over 52 weeks, and retail assets have fallen by $21 billion (-2.2%) YTD and just $16 billion (1.7%) YTD. ICI's weekly explains, "Assets of retail money market funds decreased by $2.27 billion to $917.83 billion. Taxable government money market fund assets in the retail category decreased by $1.38 billion to $191.01 billion, taxable non-government money market fund assets decreased by $1.56 billion to $531.91 billion, and tax-exempt fund assets increased by $670 million to $194.92 billion. Assets of institutional money market funds decreased by $4.77 billion to $1.727 trillion. Among institutional funds, taxable government money market fund assets decreased by $5.02 billion to $705.01 billion, taxable non-government money market fund assets decreased by $390 million to $928.13 billion, and tax-exempt fund assets increased by $650 million to $94.29 billion."
