Money market mutual fund assets continued its steady decline the week ended Feb. 20.

Overall assets fell by $23.8 billion to $2.657 trillion from $2.681 trillion the week ended Feb. 13, according to Investment Company Institute data. Assets had fallen from $2.693 trillion the week prior to that ended Feb. 6.

Loss of assets in institutional money funds dragged overall assets down the week ended Feb. 20, with the biggest decline coming from taxable non-government money funds. Assets in that category decreased by $16.8 billion to $944 billion from $960.8 billion. Taxable government assets also fell $8.5 billion to $718.36 billion. Meanwhile, tax-exempt fund assets increased $940 million to $82.5 billion.

The retail side generally added assets, though not nearly enough to offset declining assets on the institutional side. Only tax-exempt funds lost assets, falling $270 million to $197.61 billion. But taxable government funds gained $400 million to raise assets to $196.6 billion, and taxable non-government fund assets rose by $410 million to $518.3 billion.

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