ICI's latest "Money Market Fund Assets" report shows money funds surging $81.6 billion to a new record of $6.667 trillion in the latest week, after jumping $79.5 billion the previous week. Assets have risen in 12 of the last 15, and 23 of the last 30 weeks, increasing by $363.5 billion (or 5.8%) since the Fed cut on 9/18 and increasing by $689.6 billion (or 11.5%) since April 24. MMF assets are up by $781 billion, or 16.5%, year-to-date in 2024 (through 11/13/24), with Institutional MMFs up $412 billion, or 13.5% and Retail MMFs up $369 billion, or 22.0%. Over the past 52 weeks, money funds have risen by $933 billion, or 16.3%, with Retail MMFs up by $428 billion (19.2%) and Inst MMFs rising by $505 billion (14.4%). ICI's weekly release says, "Total money market fund assets increased by $81.59 billion to $6.67 trillion for the week ended Wednesday, November 13, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $83.49 billion and prime funds increased by $82 million. Tax-exempt money market funds decreased by $1.99 billion." ICI's stats show Institutional MMFs increasing $79.4 billion and Retail MMFs rising $2.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.467 trillion (82.0% of all money funds), while Total Prime MMFs were $1.065 trillion (16.0%). Tax Exempt MMFs totaled $134.9 billion (2.0%). ICI explains, "Assets of retail money market funds increased by $2.18 billion to $2.66 trillion. Among retail funds, government money market fund assets increased by $3.22 billion to $1.69 trillion, prime money market fund assets increased by $699 million to $843.40 billion, and tax-exempt fund assets decreased by $1.73 billion to $122.92 billion." Retail assets account for over a third of total assets, or 39.9%, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $79.41 billion to $4.01 trillion. Among institutional funds, government money market fund assets increased by $80.28 billion to $3.77 trillion, prime money market fund assets decreased by $616 million to $221.77 billion, and tax-exempt fund assets decreased by $253 million to $11.94 billion." Institutional assets accounted for 60.1% of all MMF assets, with Government Institutional assets making up 94.2% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $147.3 billion in November through 11/13 to a record $7.010 trillion. Assets rose by $97.5 billion in October, $149.8 billion in September, $109.7 billion in August, $16.6 billion in July, $15.7 billion in June and $91.4 billion in May. They declined by $15.8 billion in April and $68.8 billion in March. They rose $72.1 billion in February, $93.9 billion in January, $32.7 billion in December and $226.4 billion last November. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're about $340 billion lower than Crane's asset series.
