ICI's latest "Money Market Fund Assets" report shows MMFs overall decreasing $25 billion in the latest week, but Prime funds fell by over $110 billion (after falling by $85 billion last week and $60 billion the prior 2 weeks). Prime has declined in 18 out of the past 19 weeks (-$689B), and has averaged outflows of $37 billion a week since June 1 and $69 billion since Sept. 1. Since Oct. 29, 2015, Prime assets have fallen by a massive $985 billion, or 68%, and Tax Exempt funds have declined by another $116 billion, or 47%. Combined these two non-Government sectors (which will be subject to emergency gates and fees come October 14) have fallen by $1,101 billion (-65%) since this giant migration started. Government funds (including Treasury funds) gained $88 billion in the past week (after gaining $102 billion last week). They've increased by $1,040 billion since last October (more than doubling, up 103%) and by $832 billion, or 68%, YTD. (YTD in 2016, Prime MMFs are down by $811 billion, or 63%.) Over the past 6 weeks, Prime MMFs have fallen by $406 billion and they've fallen by $551 billion over the past 13 weeks. Govt MMFs have risen $354 billion over 6 weeks and $572 billion over 13 weeks. ICI's latest release says, "Total money market fund assets decreased by $25.06 billion to $2.66 trillion for the week ended Wednesday, October 5, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $87.79 billion and prime funds decreased by $110.19 billion. Tax-exempt money market funds decreased by $2.67 billion." It continues, "Assets of retail money market funds increased by $15.98 billion to $940.71 billion. Among retail funds, government money market fund assets increased by $8.05 billion to $546.06 billion, prime money market fund assets decreased by $5.39 billion to $273.91 billion, and tax-exempt fund assets increased by $13.32 billion to $120.74 billion." The update adds, "Assets of institutional money market funds decreased by $41.04 billion to $1.71 trillion. Among institutional funds, government money market fund assets increased by $79.75 billion to $1.51 trillion, prime money market fund assets decreased by $104.80 billion to $199.33 billion, and tax-exempt fund assets decreased by $15.99 billion to $8.16 billion." (It appears that ICI re-categorized a chunk of tax-exempt institutional assets to retail.)
