MMF Assets Jump Unexpectedly
ICI's latest "Money Market Mutual Fund Assets" report shows that assets were up sharply in the past week, even with quarter-end occuring on Tuesday. The report says, "Total money market fund assets increased by $12.95 billion to $2.61 trillion for the week ended Wednesday, July 1, the Investment Company Institute reported today. Among taxable money market funds, Treasury funds (including agency and repo) increased by $12.66 billion and prime funds decreased by $60 million. Tax-exempt money market funds increased by $360 million. Assets of retail money market funds decreased by $1.73 billion to $864.68 billion. Among retail funds, Treasury money market fund assets decreased by $1.14 billion to $191.46 billion, prime money market fund assets decreased by $60 million to $496.14 billion, and tax-exempt fund assets decreased by $540 million to $177.08 billion. Assets of institutional money market funds increased by $14.69 billion to $1.75 trillion. Among institutional funds, Treasury money market fund assets increased by $13.80 billion to $781.31 billion, prime money market fund assets were unchanged at $901.77 billion, and tax-exempt fund assets increased by $890 million to $66.76 billion." Month-to-date (since May 27) assets are flat, or up just $1 billion. MMF assets have gained each of the past three weeks, but year-to-date assets are down $118 billion or 4.3%.
