J.​P. Morgan Securities' latest "April taxable MMF holdings update" comments, "Dealer repo with MMFs rose $​89bn month over month to $​1,​107bn, as Yankee banks saw their activity rebound post quarter end. The biggest increases came from French (+$​50bn), US (+$​24bn), Japanese (+$​21bn), and Swiss (+$​14bn), partially offset by a $​23bn decline from Canadian banks due to their quarter-​end technicals.... FICC sponsored repo rose $​5bn to $​112bn, and FICC remained the second largest individual counterparty." The "Short-​Term Fixed Income Update" also says, "Away from repo, government funds substantially decreased their allocations to Treasuries: T-​bill holdings fell $​70bn, and fixed- and floating-​rate coupon allocations dropped $​70bn and $​29bn, respectively. Government funds added $​16bn of Agencies (​mostly discos).... Government MMFs remain large buyers of SOFR floaters, increasing their holdings by $​9bn to $​60bn.... Of the more than $​100bn of SOFR floaters that have been issued to date, about 81% has come from GSEs, so it'​s not surprising that government funds have played a large role, taking down over half of all SOFR issuances so far." Finally, JPM adds, "Prime funds saw increased holdings of essentially all asset classes (​this is in part due to the addition of a $​108bn fund to the data set this month).... Prime holdings of Agencies rose $​29bn, nonfinancial corporate exposure jumped $​20bn, and Treasury holdings were up $​12bn. Bank credit exposure rose $​38bn, mostly in the form of more CP/​CDs with European, Canadian and Japanese banks; at the individual issuer level changes were largely idiosyncratic."

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