After reaching the highest total ever in mid-December, money market mutual fund assets fell for the third straight week, according to the Investment Company Institute.
Total money market fund assets dropped by more than $40 billion to $2.306 trillion during the week ending Wednesday, Jan. 2. In all, total assets have dropped $77 billion since they reached its peak of $2.383 trillion in the week ending Dec. 12, according to the ICI.
More than $32 billion of this past weeks decrease came from taxable institutional money market funds, which now stand at $1.22 trillion. Tax-exempt institutional funds fell by $466.7 million to $84.33 billion.
Taxable retail money market funds decreased by $7.36 billion to $895.85 billion this past week, according to the ICI. Tax-exempt retail funds fell by $392.2 million to $191.33 billion.