​ The Investment Company Institute'​s weekly money market mutual fund asset series decreased sharply, losing $​35.​2 billion for the week ended Jan. 31. The decline was primarily institutional funds, which lost $​30.​4 billion vs. $​4.​8 billion for retail. Assets normally decline at month-​end due to payrolls, payments and "​window dressing". A sharp reversal in the market'​s Fed expectations -- from lower to higher rates -- also undoubtedly pulled cash into repos from funds. We expect fund asses to rebound next week.

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