ICI's Weekly Shows Big MMF Outflows
Note: Crane Data's MFI Daily also showed a large $7.4 billion 1-day drop in Govt Institutional funds last Thursday (look for our Friday data early Tuesday). ICI's latest "Money Market Mutual Fund Assets" says, "Total money market mutual fund assets decreased by $19.78 billion to $2.666 trillion for the week ended Wednesday, October 9, the Investment Company Institute reported today. Taxable government funds decreased by $19.46 billion, taxable non-government funds increased by $1.12 billion, and tax-exempt funds decreased by $1.45 billion. Assets of retail money market funds increased by $1.78 billion to $935.71 billion. Taxable government money market fund assets in the retail category increased by $420 million to $200.90 billion, taxable non-government money market fund assets increased by $1.83 billion to $540.49 billion, and tax-exempt fund assets decreased by $470 million to $194.32 billion.... Assets of institutional money market funds decreased by $21.56 billion to $1.730 trillion. Among institutional funds, taxable government money market fund assets decreased by $19.87 billion to $731.58 billion, taxable non-government money market fund assets decreased by $710 million to $926.92 billion, and tax-exempt fund assets decreased by $980 million to $71.43 billion." ICI chief economist Brian Reid comments, "Outflows from money market funds were very modest in the last week, well within the range that money market funds can easily accommodate, given their high liquidity requirements. Taxable government fund outflows totaled less than 3 percent of assets, while prime funds saw small inflows." Note: ICI's survey includes Treasury funds within its Government category, while Crane Data breaks Treasury and Government funds out into separate groups. Our Money Fund Intelligence Daily shows Treasury Institutional funds declined by $9.1 billion and Govt Institutional funds declined by $8.3 billion in the week ended Oct. 9. Outflows in Treasury funds continue, but they have been decelerating over the past several days.
