ICI: MMFs Approach $4.5 Trillion
Money market mutual fund assets jumped to a record level for the fourth week in a row, though the inflows slowed from their massive $175.3 billion inflow last week (and $285.7 billion inflow two weeks ago). ICI's latest weekly "Money Market Fund Assets" report explains, "Total money market fund assets increased by $76.31 billion to $4.47 trillion for the week ended Wednesday, April 8, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $63.16 billion and prime funds increased by $7.06 billion. Tax-exempt money market funds increased by $6.09 billion." ICI's stats show Institutional MMFs rising $62.1 billion and Retail MMFs increasing $14.2 billion. Total Government MMF assets, including Treasury funds, were $3.676 trillion (82.2% of all money funds), while Total Prime MMFs were $661.4 billion (14.8%). Tax Exempt MMFs totaled $136.0 billion, 3.0%. Money fund assets are up $841 billion, or 23.2%, year-to-date in 2020. They've increased for 9 weeks in a row and have increased by $839.1 billion over the past 6 weeks. Over the past 52 weeks, ICI's money fund asset series has increased by $1.375 trillion, or 44.1%, with Retail MMFs rising by $322 billion (26.5%) and Inst MMFs rising by $1.053 trillion (55.9%). They explain, "Assets of retail money market funds increased by $14.18 billion to $1.54 trillion. Among retail funds, government money market fund assets increased by $9.15 billion to $985.44 billion, prime money market fund assets were unchanged at $430.84 billion, and tax-exempt fund assets increased by $5.04 billion to $121.92 billion." Retail assets account for over a third of total assets, or 34.4%, and Government Retail assets make up 64.1% of all Retail MMFs. ICI adds, "Assets of institutional money market funds increased by $62.13 billion to $2.94 trillion. Among institutional funds, government money market fund assets increased by $54.02 billion to $2.69 trillion, prime money market fund assets increased by $7.06 billion to $230.52 billion, and tax-exempt fund assets increased by $1.05 billion to $14.11 billion." Institutional assets accounted for 65.6% of all MMF assets, with Government Institutional assets making up 91.7% of all Institutional MMF totals.
