Fitch Ratings published the brief, "U.​S. Money Market Funds: May 2022." They comment, "Total taxable money market fund (​MMF) assets decreased by $​52 billion from March 31, 2022 to April 30, 2022, according to Crane data. Government MMFs gained $​8 billion in assets during this period, and prime MMFs lost $​61 billion. Total assets have decreased by $​85 billion since Dec. 31, 2021.... Taxable MMFs shifted exposure slightly away from Treasury from March to April. Treasury holdings decreased by $​79 billion while Repo holdings decreased by $​10 billion, from March 31 to April 30, 2022, according to Crane Data. Repo remains the largest portfolio segment, followed by Treasury." Fitch explains, "As of April 30, 2022, institutional government and prime MMFs' net yields were 0.​17% and 0.​24%, respectively, per Crane Data, both up from the end of March. This increase is due to the Fed increasing rates. The latest increase was 50bps on May 4, 2022, in line with market expectations." In related news, a press release entitled, "Fitch Affirms 2 BMO Money Market Funds' at '​AAAmmf'," tells us, "Fitch Ratings has affirmed BMO Euro Liquidity Fund and BMO Sterling Liquidity Fund at Money Market Fund (​MMF) Ratings of '​AAAmmf'. The funds are short-​term variable net asset value MMFs (​ST VNAV MMFs) managed by BMO Asset Management Limited (​BMO). BMO is a wholly owned subsidiary of Columbia Threadneedle Investments (​CTI), which is part of Ameriprise Financial, Inc (​A-/​Stable/​F1)."

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