Money market fund assets increased $28 billion during the week ending Wednesday, Oct. 10, the Investment Company Institute reported. That brought total money market fund assets to $2.3 trillion, the highest level ever, according to the Institute.
There has been a steady increase in money market fund assets over the last 10 years, according to an ICI spokesman, but that slope has become even steeper in last few months.
Most of last weeks increase came in taxable institutional money market funds, which grew $25.9 billion to $1.08 trillion, according to the ICI. Total institutional money market funds stood at $1.155 trillion.
Retail money market funds increased by $1.2 billion to $1.10 trillion. Among retail funds, taxable funds increased by $1.84 billion. Tax-exempt retail funds, the only category to fall, decreased by $617 million to $187.12 billion