Money market fund assets dropped $8.04 billion for the week ending Wednesday, March 20, the Investment Company Institute reported today. That brings total money market fund assets to $2.35 trillion.
Most of the decrease came from institutional money market funds, which dropped $5.64 billion to $1.26 trillion, according to the ICI. Taxable funds decreased by $5.73 billion, however tax-exempt funds actually increased by $88.3 million.
Assets of retail money market funds fell $2.4 billion and now stand at $1.08 trillion, the ICI reported. Of the decrease, $2.08 billion came from taxable funds and $313 million came from tax-exempt funds.