Money market mutual funds set a second consecutive weekly record, breaking above $2.4 trillion for the first time ever, according to ICI statistics. Assets increased by $25.7 billion to $2.42 trillion. Institutional assets rose by $18.9 billion to $$1.43 trillion while Retail assets rose by $6.8 billion to $993.8 billion. After losing $26 billion in January, money fund assets have surged by $64 billion in February month-to-date. Funds are seeing flight-to-quality money due to sub-prime mortgage defaults.

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