ICI: MMF Assets Break Record $6.8T
ICI's latest "Money Market Fund Assets" report shows money funds jumping $54.7 billion to a new record of $6.806 trillion in the latest week, their first time over the $6.8 trillion level, after falling $19.6 billion the previous week. Three weeks prior, assets jumped $95.9 billion to the previous record of $6.771 trillion. Money fund assets have risen in 15 of the last 21, and 26 of the last 36, weeks, increasing by $502.2 billion (or 8.0%) since the Fed cut on 9/18 and increasing by $828.2 billion (or 13.9%) since April 24. MMF assets are up by $919 billion, or 15.6%, year-to-date in 2024 (through 12/24/24), with Institutional MMFs up $496 billion, or 13.8% and Retail MMFs up $424 billion, or 18.5%. Over the past 52 weeks, money funds have risen by $841 billion, or 14.3%, with Retail MMFs up by $386 billion (16.9%) and Inst MMFs rising by $455 billion (12.7%). ICI's weekly release says, "Total money market fund assets increased by $54.70 billion to $6.81 trillion for the six-day period ended Tuesday, December 24, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $47.70 billion and prime funds increased by $4.95 billion. Tax-exempt money market funds increased by $2.05 billion." ICI's stats show Institutional MMFs increasing $37.5 billion and Retail MMFs increasing $17.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.592 trillion (82.2% of all money funds), while Total Prime MMFs were $1.079 trillion (15.9%). Tax Exempt MMFs totaled $134.2 billion (2.0%). It explains, "Assets of retail money market funds increased by $17.17 billion to $2.71 trillion. Among retail funds, government money market fund assets increased by $11.54 billion to $1.73 trillion, prime money market fund assets increased by $3.68 billion to $859.43 billion, and tax-exempt fund assets increased by $1.96 billion to $123.02 billion." Retail assets account for over a third of total assets, or 39.9%, and Government Retail assets make up 63.8% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $37.53 billion to $4.09 trillion. Among institutional funds, government money market fund assets increased by $36.17 billion to $3.86 trillion, prime money market fund assets increased by $1.27 billion to $219.99 billion, and tax-exempt fund assets increased by $95 million to $11.18 billion." Institutional assets accounted for 60.1% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $54.1 billion in December through 12/24 to $7.117 trillion. On December 5, assets hit an all-time high of $7.124 trillion. But they've inched lower since. Assets rose by $200.5 trillion in November, $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 and $32.7 billion last December. 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.
