The money market fund industry shed $3.01 billion of assets during the one-week period ending Wednesday and settled at $825.62 billion last week, Associated Press reports.

Assets of taxable retail money market funds dropped by $2.82 billion to $633.89 billion and tax-exempt funds slumped by $187.9 million to 191.73 billion during the same one-week period, according to the Investment Company Institute.

Institutional money market funds lost 3.19 billion to settle at $1.114 trillion. Within the institutional money fund group, taxable funds declined by $5.78 billion to $990.89 billion and tax-exempt funds gained $2.59 billion to $123.61 billion. The broader money fund industry settled at $1.940 trillion last Wednesday.

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