Fitch Ratings published the brief, "U.​S. Money Market Funds: January 2022," which tells us, "Total taxable money market fund (​MMF) assets increased by $​140 billion from Nov. 30, to Dec. 31, 2021, according to iMoneyNet data. Government MMFs gained $​144 billion in assets during this period, and prime MMF assets decreased by $​4 billion, continuing their gradual decline." They explain, "Taxable MMFs continue to increase their exposure to repos while decreasing Treasury holdings. U.​S. Treasury holdings increased by $​20 billion, while those of repos increased by $​229 billion, from Nov. 30, to Dec. 31, 2021, according to Crane Data. Repos remain the largest portfolio segment, with the majority of the allocations continuing to migrate to the U.​S. Fed'​s Reserve Repo Program." Fitch adds, "​As of Dec. 31, 2021, institutional government and prime MMF net yields were 0.​02% and 0.​03%, respectively, per iMoneyNet, unchanged from the end of November. MMF managers continue to wave fees to maintain minimum net yields but expect some of the waivers to halt with the first increase in the federal funds rate."

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