MMFs Up Again, Reclaim $3.1 Trillion
The ICI's latest weekly "Money Market Fund Assets" shows that assets rose for the fourth week in a row, reclaiming the $3.1 trillion level. They remain just $12 billion below their 2019 high of $3.113 trillion, set on March 6, which was their highest level since March 2010. They write, "Total money market fund assets increased by $16.60 billion to $3.10 trillion for the week ended Wednesday, May 15, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $13.6 billion and prime funds increased by $2.1 billion. Tax-exempt money market funds increased by $965 million." ICI's weekly series shows Institutional MMFs rising $13.1 billion and Retail MMFs rising $3.7 billion. Total Government MMF assets, including Treasury funds, stood at $2.307 trillion (74.4% of all money funds), while Total Prime MMFs rose to $653.0 billion (21.1%). Tax Exempt MMFs totaled $140.4 billion, or 4.5%. ICI states, "Assets of retail money market funds increased by $3.46 billion to $1.21 trillion. Among retail funds, government money market fund assets increased by $1.66 billion to $691.14 billion, prime money market fund assets increased by $1.06 billion to $389.38 billion, and tax-exempt fund assets increased by $742 million to $129.35 billion." Retail assets account for over a third of total assets, or 39.0%, and Government Retail assets make up 57.1% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $13.14 billion to $1.89 trillion. Among institutional funds, government money market fund assets increased by $11.89 billion to $1.62 trillion, prime money market fund assets increased by $1.03 billion to $263.63 billion, and tax-exempt fund assets increased by $223 million to $11.06 billion." Institutional assets accounted for 61.0% of all MMF assets, with Government Institutional assets making up 85.5% of all Institutional MMF totals.
