Money Fund Asset Slide Continues
Money market fund assets fell for the fifth week in a row, their 13th decrease over the past 16 weeks. Assets broke below the $4.5 trillion level last week for the first time since April 15. ICI's latest weekly "Money Market Fund Assets" report says, "Total money market fund assets decreased by $26.45 billion to $4.47 trillion for the week ended Wednesday, September 9, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $19.52 billion and prime funds decreased by $5.75 billion. Tax-exempt money market funds decreased by $1.19 billion." ICI's stats show Institutional MMFs decreasing $29.9 billion and Retail MMFs increasing $3.5 billion. Total Government MMF assets, including Treasury funds, were $3.609 trillion (80.8% of all money funds), while Total Prime MMFs were $741.6 billion (16.6%). Tax Exempt MMFs totaled $117.7 billion (2.6%). ICI shows Money fund assets up a still massive $836 billion, or 23.0%, year-to-date in 2020, with Inst MMFs up $676 billion (29.9%) and Retail MMFs up $160 billion (11.7%). Over the past 52 weeks, ICI's money fund asset series has increased by $1.071 trillion, or 31.5%, with Retail MMFs rising by $236 billion (18.2%) and Inst MMFs rising by $835 billion (39.7%). (Crane Data's separate and broader Money Fund Intelligence Daily data series shows total MF assets are down $33.7 billion in September (as of 9/9) to $4.847 trillion.) They explain, "Assets of retail money market funds increased by $3.48 billion to $1.53 trillion. Among retail funds, government money market fund assets increased by $6.62 billion to $989.88 billion, prime money market fund assets decreased by $2.40 billion to $434.14 billion, and tax-exempt fund assets decreased by $737 million to $106.15 billion." Retail assets account for just over a third of total assets, or 33.2%, and Government Retail assets make up 64.7% of all Retail MMFs. ICI adds, "Assets of institutional money market funds decreased by $29.93 billion to $2.94 trillion. Among institutional funds, government money market fund assets decreased by $26.14 billion to $2.62 trillion, prime money market fund assets decreased by $3.35 billion to $307.48 billion, and tax-exempt fund assets decreased by $448 million to $11.57 billion." Institutional assets, which broke below the $3.0 trillion level for the first time since April 22, accounted for 65.8% of all MMF assets, with Government Institutional assets making up 89.1% of all Institutional MMF totals.
