Crane Data Subscribers
Money Mkt Fund Assets Hit $3 Trillion (Rounded Up) on Flight to Safety. ICI reports that money market mutual fund asset rose by $44.5 billion to a record $2.970 trillion in the week ended Oct. 24. Investors flooded institutional funds with $43.6 billion in cash in anticipation of a cut in the Federal funds target rate next week by the Federal Reserve. Assets of money funds have risen an astounding $588 billion, or 24.7%, year-to-date, and $716 billion, or 31.8%, over the past 52 weeks. Treasury and Government money funds are seeing a resurgence of "flight-to-quality" money while Prime money funds are also seeing longer-term "enhanced" cash and direct investment money move to the safety of funds.
