ICI: Money Fund Assets Continue Slide
The ICI's latest weekly "Money Market Fund Assets" report shows MMFs decreasing for the second week in a row, following four straight weeks of increases. The release says, "Total money market fund assets decreased by $26.94 billion to $4.58 trillion for the week ended Wednesday, June 16.... Among taxable money market funds, government funds decreased by $20.94 billion and prime funds decreased by $5.92 billion. Tax-exempt money market funds decreased by $78 million." ICI's weekly "Assets" release shows money fund assets up $281 billion, or 6.5%, year-to-date in 2021. Inst MMFs are up $372 billion (13.4%), while Retail MMFs are down $91 billion (-6.0%). ICI's stats show Institutional MMFs decreasing $27.8 billion and Retail MMFs increasing $855 million in the latest week. Total Government MMF assets, including Treasury funds, were $3.998 trillion (87.3% of all money funds), while Total Prime MMFs were $486.9 billion (10.6%). Tax Exempt MMFs totaled $93.3 billion (2.0%). Over the past 52 weeks, money fund assets have decreased by $106 billion, or -2.2%, with Retail MMFs falling by $129 billion (-8.2%) and Inst MMFs rising by $22 billion (0.7%). (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than our asset series.) It explains, "Assets of retail money market funds increased by $855 million to $1.43 trillion. Among retail funds, government money market fund assets increased by $3.55 billion to $1.12 trillion, prime money market fund assets decreased by $1.98 billion to $230.95 billion, and tax-exempt fund assets decreased by $717 million to $81.37 billion." Retail assets account for just under a third of total assets, or 31.3%, and Government Retail assets make up 78.2% of all Retail MMFs. ICI adds, "Assets of institutional money market funds decreased by $27.80 billion to $3.14 trillion. Among institutional funds, government money market fund assets decreased by $24.49 billion to $2.88 trillion, prime money market fund assets decreased by $3.94 billion to $255.96 billion, and tax-exempt fund assets increased by $639 million to $11.91 billion." Institutional assets accounted for 68.7% of all MMF assets, with Government Institutional assets making up 91.5% of all Institutional MMF totals.
