Crane Data Subscribers
Money Market Funds See Big Outlflows as Uncle Sam Rakes In Tax Cash. That giant sucking sound you hear this week is the sound of the IRS cashing checks. Money flowed out of money market funds to the tune of $26.6 billion as assets declined to $2.44 trillion said ICI. Institutional assets declined by $25.0 billion to $1.43 trillion, while retail assets declined by just $1.5 billion to $1.01 trillion. Expect more outflows in the next week or two too, as April 17 payments continue to clear. But assets should resume their run-for-the-record come May.
