MMF Assets Resume Declines
Money market fund assets fell in the latest week, their 9th decrease in the past 12 weeks. Since the last week in May, MMF assets have declined by $234.8 billion, after rising $1.155 trillion during March, April and the first half of May. ICI's latest weekly "Money Market Fund Assets" report says, "Total money market fund assets decreased by $20.82 billion to $4.55 trillion for the week ended Wednesday, August 12, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $18.98 billion and prime funds decreased by $1.41 billion. Tax-exempt money market funds decreased by $428 million." ICI's stats show Institutional MMFs decreasing $17.2 billion and Retail MMFs decreasing $3.6 billion. Total Government MMF assets, including Treasury funds, were $3.677 trillion (80.7% of all money funds), while Total Prime MMFs were $756.3 billion (16.6%). Tax Exempt MMFs totaled $121.6 billion (2.7%). ICI shows Money fund assets up a still massive $923 billion, or 25.4%, year-to-date in 2020, with Inst MMFs up $757 billion (33.5%) and Retail MMFs up $165 billion (12.1%). Over the past 52 weeks, ICI's money fund asset series has increased by $1.2010trillion, or 35.8%, with Retail MMFs rising by $269 billion (21.2%) and Inst MMFs rising by $931 billion (44.6%). They explain, "Assets of retail money market funds decreased by $3.61 billion to $1.54 trillion. Among retail funds, government money market fund assets decreased by $597 million to $981.91 billion, prime money market fund assets decreased by $2.60 billion to $444.44 billion, and tax-exempt fund assets decreased by $415 million to $109.17 billion." Retail assets account for just over a third of total assets, or 33.7%, and Government Retail assets make up 63.9% of all Retail MMFs. ICI adds, "Assets of institutional money market funds decreased by $17.22 billion to $3.02 trillion. Among institutional funds, government money market fund assets decreased by $18.39 billion to $2.69 trillion, prime money market fund assets increased by $1.19 billion to $311.90 billion, and tax-exempt fund assets decreased by $13 million to $12.43 billion." Institutional assets accounted for 66.3% of all MMF assets, with Government Institutional assets making up 89.3% of all Institutional MMF totals.
