Link of The Day
Non-Centrally Cleared Bilateral Repo
The U.S. Treasury's OFR, or Office of Financial Research published "A Closer Look at the U.S. NCCBR Market," which reviews the non-centrally cleared bilateral repurchase agreement market. They write, "The U.S. non-centrally cleared bilateral repurchase agreement (NCCBR) market has $5 trillion in outstanding repos. This market is becoming more transparent to the public due to more data collection. The data show that this market segment has a distinctive mix of collateral and tenor. Compared to the cleared and tri-party segments, NCCBR is the only segment using foreign sovereign bonds ($1.3 trillion) and is the only segment that is predominantly term ($2.7 trillion). The clearing mandate may move $1.5 trillion of NCCBR into the cleared segment, assuming no changes in participant behavior, though most NCCBR will likely remain uncleared due to the use of open term, foreign collateral and the current affiliate exemption." The brief explains, "Non-centrally cleared bilateral repos (NCCBR) are repos that are settled without the use of a clearing house or settlement agency. While these utilities have benefits, such as netting and automation, the added costs and limitations are significant enough that many repos remain fully bilateral. Bilateral settlement allows parties to flexibly negotiate a repo's terms, collateral, currency, and haircuts to fit the needs of each deal. As a result, the NCCBR market accommodates a variety of repos, such as those with private sector or foreign collateral, with special terms like optionality, or with market participants that may not have access to clearing infrastructure and thus fill many niches in the financial system." The piece adds, "The Office of Financial Research (OFR) began collecting data on NCCBR transactions in December 2024. This brief uses the data to summarize the NCCBR market by examining market concentration and mapping the bilateral exposure network to show the channels of possible risk transmission. It characterizes the distinctive features of NCCBR transactions that differentiate this market's risk profile from the cleared and tri-party alternatives. Lastly, it gives figures related to the ongoing transition of certain NCCBR to central clearing."
PFII Says LGIPs Seek New Markets
The Public Funds Investment Institute's Marty Margolis writes that, "LGIPs Seek New Markets. He tells us, "Local Government Investment Pools were originally designed to help local governments -- you know, cities, counties, school districts, etc. -- invest their funds. But times change and enterprising funds seek opportunities to expand their offerings. An interesting example is a new program that the Illinois Treasurer is poised to open for Illinois-based non-profits. The new portfolio will be an addition to the $20 billion Illinois Funds pool managed by the Treasurer. It relies on recently enacted legislation for standing; The offering will build on the notion that these entities that provide services akin to those provided by governments should get assistance; While the main focus of the LGIP industry is governments, narrowly defined, Massachusetts and Pennsylvania, have LGIP programs that are designed specifically to manage funds for non-profits; Some LGIPs also have accommodated organizations that might not seem to be governments but perform activities that are expected of governments. These LGIPs accept investments from entities that offer health services, education, library services, etc.; Some LGIPs also have accepted investments from non-profits that operate as direct extensions of governments with their boards controlled entirely by a government entity." The brief states, "Illinois Treasurer Michael Frerichs worked with the Illinois legislature for several years to gain authority to create the new pool. The result, Senate Bill 2968, authorizes creation of the Non-Profit Investment Pool to accept investments from Illinois-based non-profits that provide healthcare, education, affordable housing, food assistance, environmental protection, cultural arts, job training, services to seniors and similar services." The PFII adds, "Massachusetts and Pennsylvania are two states that have LGIPs that reach beyond the narrow definition of 'government.' The Massachusetts STAR Fund, offered by the Massachusetts Development Finance Agency since the 1990s, accepts investment from non-profits that are borrowers through the Agency's borrowing programs.... The program is managed by PFM Asset Management/U.S. Bancorp Asset Management. It is separate from the Massachusetts Municipal Depository Trust, one of the nation's early LGIPs. The Pennsylvania Treasurer has offered a Community Pool as part of its state LGIP program (InvestPA) for a number of years.... It is separate from the Invest PA Daily Pool that is offered to local governments. Both are managed by Federated Hermes."
Latest Fed Minutes Lean Hawkish
The latest "Minutes of the Federal Open Market Committee (FOMC) for the Fed's July 28-29 Meeting tell us, "Nominal Treasury yields rose 25 to 30 basis points, driven by corresponding increases in real interest rates. Market pricing and outreach indicated that, while investors expected no action at the July FOMC meeting as a base case, the market priced in about a one-in-three chance of an increase in the target range for the federal funds rate. At longer horizons, the market was fully pricing in a 25 basis point hike by the September meeting and another one by the end of the first quarter of next year. The median respondent to the Desk survey, by contrast, expected no change in the policy rate this year or the next but expected a rate cut in early 2028." The Minutes explain, "The manager observed that money markets remained generally stable. Repurchase agreement (repo) rates again went through a brief period of softness earlier in the period and temporarily dragged the effective federal funds rate (EFFR) down 1 basis point. Repo rates recovered quickly, the EFFR returned to its earlier level, and money market rates generally ended the period little changed, on net, and close to the interest rate on reserve balances." They comment, "Over the intermeeting period, both the market-implied expected path of the federal funds rate and nominal Treasury yields moved up somewhat, in part reflecting FOMC communications that were perceived as more restrictive than expected amid an economic outlook that was little changed. The market-implied policy rate path shifted moderately higher, as did option-implied probability distributions of short-term interest rates. Market-implied measures of interest rate volatility remained largely unchanged, on net. Nominal Treasury yields rose, driven by increases in real yields. Short-term inflation compensation declined notably, largely reflecting technical factors related to indexation lags and the passage of time. Market-based measures of longer-term inflation compensation and survey based measures of inflation expectations remained well anchored." The Fed's Minutes add, "In support of the Committee's dual-mandate goals, nine members agreed to maintain the target range for the federal funds rate at 3.5 to 3.75 percent and also reaffirmed the FOMC's policy of maintaining ample reserves in the banking system. Members noted that the unemployment rate was largely unchanged and that solid growth in economic activity had continued, while inflation remained elevated relative to the Committee’s 2 percent goal. In June, the Committee had underlined its continuing resolve to achieve its dual-mandate goals by indicating in its postmeeting statement that it 'will deliver price stability.' Almost all members agreed that it was appropriate to retain this language in July's postmeeting statement. Three members voted against the decision to maintain the target range for the federal funds rate, preferring an increase of 25 basis points in the target range at this meeting."
Mercury Launches Funds w/MSIM, SSIM
A press release titled, "Mercury Launches Exclusive Mutual Fund Products with Morgan Stanley Investment Management and State Street Investment Management," tells us, "Mercury, the technology company providing radically different banking, ... announced the launch of two Mercury-exclusive Treasury products built in partnership with Morgan Stanley Investment Management and State Street Investment Management. The new Treasury offerings are custom designed to help startups and scaling businesses earn a competitive return on idle cash while maintaining the liquidity and conservative investment profile customers expect from Treasury products." The release says, "The launch includes: MCRYX, a Mercury-exclusive ultra-short bond fund built with Morgan Stanley Investment Management. It currently yields up to 3.88% through Mercury Treasury and is live today for customers. MRGXX, a Mercury-exclusive share class of State Street Investment Management's government money market fund, is available in the coming weeks. The share class was built with State Street Investment Management and carries a lower expense ratio than Mercury's previous government money market fund offering, passing more yield directly to customers. The funds are designed to help customers pursue higher net yields than Mercury's previous Treasury offerings without adding credit risk or extending duration." CFO Dan Kang comments, "Founders and finance teams shouldn't have to move money across platforms or take unnecessary risk to earn a competitive return on their cash. We built these funds with Morgan Stanley Investment Management and State Street Investment Management to give our customers exclusive access to institutional-quality Treasury products directly inside Mercury." The release says, "Fast growing companies including ElevenLabs, Supabase, and Linear use Mercury Treasury to manage their cash. With global venture funding exceeding $500 billion in just the first six months of 2026, the volume of capital that early-stage companies need to manage has never been higher and the demand for high-quality treasury offerings that preserve liquidity and yield has grown with it. Mercury's approach prioritizes responsible yield, liquidity, and integration, working with two of the largest asset managers to build offerings that are simpler to hold through Mercury and do not change the underlying risk profile." MSIM's Scott Wachs adds, "We're seeing growing demand from startups and finance teams for cash management solutions that combine liquidity, operational simplicity, and institutional-quality investment products. We are pleased to expand our partnership with Mercury by making the MSIFT Ultra-Short Strategy Portfolio (MCRYX) available to Mercury customers." Finally, the release states, "Later this year, Mercury will introduce Treasury Ladders to give customers a way to structure their cash across individual US Treasury securities and plan around future needs with more precision. Within Mercury's product, customers will be able to better understand their business’s cashflows and build a portfolio tailored to their specific outlook."
Crane 100 MF Index Flat at 3.49%
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.49% on average during the week ended Friday, August 14 (as measured by our Crane 100 Money Fund Index), after falling 1 bp the week prior. Fund yields have rebounded slightly in recent weeks, but they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) unless and until the Fed moves rates higher. Yields were 3.49% on 7/31/26, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 725), shows a 7-day yield of 3.39%, down 1 bp in the week through Friday. Prime Inst money fund yields were down 1 bp at 3.59% in the latest week. Government Inst MFs were unchanged at 3.48%. Treasury Inst MFs were unchanged at 3.47%. Treasury Retail MFs currently yield 3.24%, Government Retail MFs yield 3.21% and Prime Retail MFs yield 3.37%, Tax-exempt MF 7-day yields were up 22 bps to 1.83%. Money market mutual fund assets hit an all-time record high of $8.404 trillion on July 6, according to our Money Fund Intelligence Daily. But assets have increased $11.1 billion in the week through Friday, and they've increased by $70.5 billion in August month-to-date (through 8/14). MMF assets decreased by $61.4 billion in July, increased by $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion last August. Weighted average maturities were at 38 days for the Crane MFA and 38 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (8/14), just 161 money funds (out of 836 total) yield under 3.0% with $189.0 billion in assets, or 2.3%, while the vast majority (675) of funds yield between 3.00% and 3.99% ($8.170 trillion, or 97.7%). No funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp twelve weeks prior. The latest Brokerage Sweep Intelligence, with data as of August 14, shows no changes over the past week. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
ICI MMF Portfolio Holdings Summary
ICI recently released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in July, prime money market funds held 45.9 percent of their portfolios in daily liquid assets and 62.0 percent in weekly liquid assets, while government money market funds held 74.8 percent of their portfolios in daily liquid assets and 86.7 percent in weekly liquid assets." Prime DLA was up from 42.7% in June, and Prime WLA was up from 60.3%. Govt MMFs' DLA rose from 73.6% and Govt WLA was up from 85.8% for the previous month. ICI explains, "At the end of July, prime funds had a weighted average maturity (WAM) of 38 days and a weighted average life (WAL) of 58 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 39 days and a WAL of 96 days." Prime WAMs and WALs were both down from the previous month, WAMs and WALs were both 1 day shorter. Govt WAMs were unchanged and WALs were up 2 days from the previous month. Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas declined from $777.23 billion in June to $773.80 billion in July. Government money market funds’ holdings attributable to the Americas declined from $6,034.37 billion in June to $5,941.58 billion in July." The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $773.8 billion, or 62.9%; Asia and Pacific at $171.9 billion, or 14.0%; Europe at $272.8 billion, or 22.2%; and, Other (including Supranational) at $11.4 billion, or 1.0%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.942 trillion, or 91.3%; Asia and Pacific at $137.7 or 2.1%; Europe at $410.7 billion, 6.3%, and Other (Including Supranational) at $20.6 billion, or 0.3%.
ICI: MMF Assets Up Again in August
After almost breaking the $8.0 trillion barrier six weeks ago, the Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets rising $18.3 billion to $7.928 trillion. Assets rose $55.4 billion the previous week and decreased $6.8 billion the week before this. MMF assets are up by $742 billion, or 10.4%, over the past 52 weeks (through 8/12/26), with Institutional MMFs up $579 billion, or 13.7% and Retail MMFs up $163 billion, or 5.5%. Year-to-date in 2026, MMF assets are up by $194 billion, or 2.5%, with Institutional MMFs up $168 billion, or 3.6% and Retail MMFs up $26 billion, or 0.8%. ICI's weekly release says, "Total money market fund assets increased by $18.26 billion to $7.93 trillion for the week ended Wednesday, August 12, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $20.69 billion and prime funds increased by $1.79 billion. Tax-exempt money market funds decreased by $4.22 billion.” ICI's stats show Institutional MMFs increasing $13.9 billion and Retail MMFs increasing $4.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.540 trillion (82.5% of all money funds), while Total Prime MMFs were $1.240 trillion (15.6%). Tax Exempt MMFs totaled $147.9 billion (1.9%). It explains, "Assets of retail money market funds increased by $4.40 billion to $3.10 trillion. Among retail funds, government money market fund assets increased by $3.17 billion to $1.98 trillion, prime money market fund assets increased by $3.54 billion to $992.35 billion, and tax-exempt fund assets decreased by $2.31 billion to $135.80 billion." Retail assets account for 39.1% of the total, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $13.86 billion to $4.82 trillion. Among institutional funds, government money market fund assets increased by $17.52 billion to $4.56 trillion, prime money market fund assets decreased by $1.75 billion to $247.63 billion, and tax-exempt fund assets decreased by $1.91 billion to $12.10 billion." Institutional assets accounted for 60.9% of all MMF assets, with Government Institutional assets making up 94.6% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $72.5 billion to $8.361 trillion month-to-date in August (as of 8/12), assets reached an all-time high of $8.404 trillion on July 6. Assets decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion last August. Note that `ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
Treasury Today on Tokenised MMFs
U.K.-based publication Treasury Today published a piece that interviews BlackRock's Head of Digital Cash Hannah Winter titled, "Tokenised money market funds: what are the use cases?" It states, "Corporate treasurers have long used money market funds (MMFs) to manage their cash. MMFs offer liquidity and security as well as a competitive yield, making them an attractive alternative to bank deposits. But in today's digital world, there's a new kid on the block. Tokenised money market funds (tMMFs) offer the benefits of traditional MMFs, while fund shares are represented as digital tokens on a blockchain. As a result, they offer additional functionality, such as the ability to transfer shares easily between investors." The piece asks, "So how do tMMFs work, which use cases do they support for corporate treasurers and which benefits do they offer compared to traditional MMFs?" Winter explains, "[I]n terms of shape and form, a tMMF is largely the same as a traditional MMF, with a similar underlying operating structure. However, the shares of the MMF have been wrapped into a token and are displayed on a blockchain. In the current market ... the underlying portfolio of securities is not tokenised." She says, "`tMMF shares are issued by the transfer agency in token form and can be held on either a private or a public blockchain. As a result, a tMMF share has features that differ from an analogue share. 'The benefit to corporate treasurers is that having the share held in token format introduces new features and new utility.'" Treasury Today tells us, "According to Winter, the market for tMMFs is 'really starting to take off.' For corporate investors, adoption is largely being driven by the need for real-time liquidity management, digital payments, improved collateral efficiencies and operational efficiencies. In the last 18 months, she says support for the stablecoin market has particularly been propelling growth in this space. 'A lot of the growth is still coming from the decentralised finance (DeFi) crypto native investor, which is helping to prove out the utility of digital cash as complementary investment product,' she adds. The current market for tMMFs includes more than US$30bn in tokenised real-world assets on-chain, with treasury funds accounting for around half of the total. 'We're seeing that expanding into more regulated money market products, and more issuers are coming to market to solve for this space,' Winter notes." The article adds, "But in the tokenised realm, it's important to note that not all funds are built equally. 'Issuers are selecting between regulated or unregulated fund structures, and between variations of native and digital twin models,' says Winter. 'It's important to understand the underlying fund structure, and the nature of the token. But there's a lot of issuance momentum coming from real demand that is starting to emerge from traditional investors.... We would say to investors that this is a trend that's here to stay, Winter concludes."
Schroders Tokenised USD Money Fund
An article published by Funds Europe, titled, "Schroders receives approval for tokenised money market fund," tells us, "Asset manager Schroders has received regulatory approval from the Central Bank of Ireland to launch its first tokenised share class of a US dollar money market fund. The Ireland-domiciled fund, with a tokenised share class, Schroders Onchain Active Returns, will be managed by Neil Sutherland, head of US fixed income and portfolio manager at Schroders, supported by the firm's credit specialists." The piece explains, "The launch will use Kinexys by J.P. Morgan's multi-chain asset tokenisation platform, allowing investors to execute redemptions and transfers through blockchain-based smart contracts. Schroders said the technology is designed to improve the mobility of money market fund shares beyond traditional transfer systems while enabling secure and transparent transactions between clients. The firm said the tokenised structure could also support future applications, including the use of fund shares as collateral as well as round-the-clock treasury and liquidity management. Kara Kennedy of J.P. Morgan's Kinexyx comments, "Tokenised financial infrastructure is no longer theoretical; it's restructuring liquidity, settlement and digital asset workflows at increasing speed. As demand for tokenised assets grows, tokenised money market funds can help meet investor needs while introducing new features enabled by blockchain technology." Schroders CFO Meagen Burnett adds, "By combining money market investments with the benefits of distributed ledger technology, we are offering investors a new level of access, efficiency and security. This milestone is a testament to our commitment to developing world-class solutions that meet the evolving needs of investors in the digital age, and is a pivotal step forward for Schroders, as we move towards our vision of delivering a composable finance ecosystem for our clients." See the Schroders release here. (Note: Please join us for our upcoming European Money Fund Symposium, which is Sept. 24-25 in Paris, France. The event includes several sessions involving tokenized money market funds, and we expect it will be a major topic of discussion.)
Yields Inch Back Down to 3.49%
Money fund yields (7-day, annualized, simple, net) were down 1 bp at 3.49% on average during the week ended Friday, August 7 (as measured by our Crane 100 Money Fund Index), after rising 3 bps the week prior. Fund yields have rebounded slightly in recent weeks, but they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) unless and until the Fed moves rates higher. Yields were 3.49% on 7/31/26, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 723), shows a 7-day yield of 3.40%, unchanged in the week through Friday. Prime Inst money fund yields were down 1 bp at 3.60% in the latest week. Government Inst MFs were unchanged at 3.48%. Treasury Inst MFs were down 1 bp at 3.47%. Treasury Retail MFs currently yield 3.24%, Government Retail MFs yield 3.21% and Prime Retail MFs yield 3.38%, Tax-exempt MF 7-day yields were down 42 bps to 1.61%. Money market mutual fund assets hit an all-time record high of $8.404 trillion on July 6, according to our Money Fund Intelligence Daily. But assets have increased $25.3 billion in the week through Friday, and they've increased by $38.2 billion in August month-to-date (through 8/7). MMF assets decreased by $61.4 billion in July, increased by $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion last August. Weighted average maturities were at 38 days for the Crane MFA and 39 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (8/7), just 159 money funds (out of 834 total) yield under 3.0% with $193.4 billion in assets, or 2.3%, while the vast majority (675) of funds yield between 3.00% and 3.99% ($8.134 trillion, or 97.7%). No funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp eleven weeks prior. The latest Brokerage Sweep Intelligence, with data as of August 7, shows no changes over the past week. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
HSBC Merges Intm, Intm Svc Classes
A Prospectus Supplement filing for HSBC U.S. Government Money Market Fund and HSBC U.S. Treasury Money Market Fund says, "Upon the recommendation of HSBC Global Asset Management (USA) Inc. (the 'Adviser'), the Board of Trustees of HSBC Funds (the 'Trust') has approved: (i) the conversion of the outstanding Intermediary Class Shares of the HSBC U.S. Government Money Market Fund (the 'Government Fund') and the HSBC U.S. Treasury Money Market Fund (the 'Treasury Fund,' and with the Government Fund, the 'Funds') into Intermediary Service Class Shares of the same respective Fund; (ii) the termination of the Intermediary Class Shares of the Funds; and (iii) the elimination of the shareholder servicing fees for Intermediary Service Class Shares and Class P Shares of the Funds. These changes will take effect on or about September 11, 2026, or on such other date as the officers of the Trust determine (the 'Effective Date')." It tells us, "Effective immediately, the Funds will no longer sell Intermediary Class Shares to new investors or existing shareholders (except through reinvested dividends), including through exchanges into each Fund. Investors may continue to redeem shares of each Fund prior to the Effective Date." The filing adds, "As a result, effective on the Effective Date, the following changes are being made to the Prospectus and SAI: 1. All references to Intermediary Class Shares of the Government and Treasury Funds are eliminated."
ICI: MMF Assets Rebound in August
After almost breaking the $8.0 trillion barrier five weeks prior, the Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets rising $55.4 billion to $7.909 trillion. Assets fell $6.8 billion the previous week and decreased $22.6 billion the week before this. But MMF assets are still up by $757 billion, or 10.6%, over the past 52 weeks (through 8/5/26), with Institutional MMFs up $589 billion, or 13.9% and Retail MMFs up $168 billion, or 5.7%. Year-to-date in 2026, MMF assets are up by $176 billion, or 2.3%, with Institutional MMFs up $155 billion, or 3.3% and Retail MMFs up $21 billion, or 0.7%. ICI's weekly release says, "Total money market fund assets increased by $55.39 billion to $7.91 trillion for the week ended Wednesday, August 5, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $46.36 billion and prime funds increased by $7.06 billion. Tax-exempt money market funds increased by $1.97 billion.” ICI's stats show Institutional MMFs increasing $34.1 billion and Retail MMFs increasing $21.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.519 trillion (82.4% of all money funds), while Total Prime MMFs were $1.238 trillion (15.7%). Tax Exempt MMFs totaled $152.1 billion (1.9%). It explains, "Assets of retail money market funds increased by $21.26 billion to $3.10 trillion. Among retail funds, government money market fund assets increased by $16.01 billion to $1.97 trillion, prime money market fund assets increased by $4.54 billion to $988.81 billion, and tax-exempt fund assets increased by $708 million to $138.11 billion." Retail assets account for 39.2% of the total, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $34.14 billion to $4.81 trillion. Among institutional funds, government money market fund assets increased by $30.35 billion to $4.55 trillion, prime money market fund assets increased by $2.53 billion to $249.38 billion, and tax-exempt fund assets increased by $1.27 billion to $14.01 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 94.5% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $48.9 billion to $8.338 trillion month-to-date in August (as of 8/5), assets reached an all-time high of $8.404 trillion on July 6. Assets decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion last August. Note that `ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
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