MMF Assets Approach Record Levels
ICI also released its latest weekly "Money Market Fund Assets" report, which shows that money fund assets jumped in the latest week, after falling last week. Two weeks ago, they hit their highest level since June 2020, and they remain just below their record level of $4.789 trillion (set on May 20, 2020). Money funds have risen in 7 of the past 9 weeks, rising by $150.7 billion since October 26. Over the past 52 weeks, money fund assets are up by $30 billion, or 0.6%, with Retail MMFs rising by $209 billion (14.2%) and Inst MMFs falling by $179 billion (-5.5%). ICI shows assets up by $30 billion, or 0.6%, year-to-date too (in 2022), with Institutional MMFs also down $179 billion, or -5.5% and Retail MMFs up $209 billion, or 14.2%. The weekly release says, "Total money market fund assets increased by $22.18 billion to $4.73 trillion for the week ended Wednesday, December 28, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $9.74 billion and prime funds increased by $7.48 billion. Tax-exempt money market funds increased by $4.97 billion." ICI's stats show Institutional MMFs rising $3.4 billion and Retail MMFs increasing $18.8 billion in the latest week. Total Government MMF assets, including Treasury funds, were $3.965 trillion (83.7% of all money funds), while Total Prime MMFs were $659.5 billion (13.9%). Tax Exempt MMFs totaled $110.5 billion (2.3%). ICI explains, "Assets of retail money market funds increased by $18.82 billion to $1.68 trillion. Among retail funds, government money market fund assets increased by $5.22 billion to $1.16 trillion, prime money market fund assets increased by $9.26 billion to $413.79 billion, and tax-exempt fund assets increased by $4.34 billion to $99.23 billion." Retail assets account for over a third of total assets, or 35.4%, and Government Retail assets make up 69.4% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $3.36 billion to $3.06 trillion. Among institutional funds, government money market fund assets increased by $4.51 billion to $2.80 trillion, prime money market fund assets decreased by $1.78 billion to $245.73 billion, and tax-exempt fund assets increased by $630 million to $11.29 billion." Institutional assets accounted for 64.6% of all MMF assets, with Government Institutional assets making up 91.6% of all Institutional MMF totals.
