Fitch Ratings' "U.​S. Money Market Funds: July 2021" tells us, "Total taxable money market fund (​MMF) assets decreased by $​76 billion from May 28, 2021 to June 30, 2021, according to iMoneyNet data. Government MMFs lost $​67 billion in assets during this period, and prime MMF assets decreased by$​9 billion.... MMFs have been reducing exposure to treasury while increasing exposure to repo. Treasury holdings decreased by $​134 billion, while repo increased by $​251 billion from May 31 to June 30, 2021, according to Crane Data. Of this amount, $​839 billion, or 50% of all repo, has been invested in the reverse repo program (​RRP) managed by the Federal Reserve Bank of New York (​Fed), which has been growing over the past few months." It adds, "As of June 30, 2021, institutional government and prime MMFs net yields were 0.​02% and 0.​03% per iMoneyNet data, respectively, unchanged from end of May. MMF managers have been waiving fees to encourage investment in the funds during this low interest rate environment."

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