The Investment Company Institute's weekly money market mutual fund asset series decreased sharply, losing $35.2 billion for the week ended Jan. 31. The decline was primarily institutional funds, which lost $30.4 billion vs. $4.8 billion for retail. Assets normally decline at month-end due to payrolls, payments and "window dressing". A sharp reversal in the market's Fed expectations -- from lower to higher rates -- also undoubtedly pulled cash into repos from funds. We expect fund asses to rebound next week.

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