Money Market Assets Pause Record Ascent Due to Institutional Outflows. ICI reports that money market fund assets declined by $6.36 billion in the latest week to $2.573 trillion. Institutional funds declined by $9.24 to $1.531 trillion. July 16 was a Treasury note settlement day, causing overnight "repo" rates to spike up to 5.32% (source: Wrightson ICAP) and drawing cash from funds. Retail assets continued to grow, rising $2.89 billion to $1.042 trillion. Money fund assets have increased by a stunning $425 billion, or 19.8% over the past 52 weeks. Assets should resume their climb next week and should strengthen as we move towards the fall.

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