ICI: MMF Assets Plunged Last Week
ICI's latest "Money Market Fund Assets" report shows assets plunging over the past week after jumping the week before. Year-to-date, MMFs are down by $146 billion, or -3.1%, with Institutional MMFs down $110 billion, or -3.4% and Retail MMFs down $35 billion, or -2.4%. Over the past 52 weeks, money fund assets have increased by $75 billion, or 1.7%, with Retail MMFs falling by $54 billion (-3.6%) and Inst MMFs rising by $129 billion (4.3%). ICI's weekly release says, "Total money market fund assets decreased by $30.79 billion to $4.56 trillion for the week ended Wednesday, April 6, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $30.88 billion and prime funds decreased by $2.49 billion. Tax-exempt money market funds increased by $2.57 billion." ICI's stats show Institutional MMFs falling $27.2 billion and Retail MMFs decreasing $3.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.047 trillion (88.8% of all money funds), while Total Prime MMFs were $422.8 billion (9.3%). Tax Exempt MMFs totaled $90.0 billion (2.0%). ICI explains, "Assets of retail money market funds decreased by $3.64 billion to $1.43 trillion. Among retail funds, government money market fund assets decreased by $5.27 billion to $1.16 trillion, prime money market fund assets decreased by $580 million to $196.08 billion, and tax-exempt fund assets increased by $2.22 billion to $80.45 billion." Retail assets account for just under a third of total assets, or 31.4%, and Government Retail assets make up 80.7% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $27.16 billion to $3.13 trillion. Among institutional funds, government money market fund assets decreased by $25.60 billion to $2.89 trillion, prime money market fund assets decreased by $1.91 billion to $226.75 billion, and tax-exempt fund assets increased by $354 million to $9.52 billion." Institutional assets accounted for 68.6% of all MMF assets, with Government Institutional assets making up 92.4% of all Institutional MMF totals. (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're approximately $400 billion lower than Crane's asset series.)
