Money market fund assets decreased by $24.8 billion for the week ending Wednesday, May 2, dropping total money market fund assets to $2.1 trillion, according to the Investment Company Institute of Washington, D.C.
Specifically, taxable retail funds made up the bulk of the loss, dropping $20.81 billion, according to the ICI.
Institutional money market funds held fairly constant, increasing a mere $52.9 million in total for the same week, the ICI reported. Of those, taxable funds decreased by $1.6 billion, while tax-exempt funds increased by $1.63 billion.
Money market funds have experienced a substantial increase in assets since the beginning of the year. Including this past weeks decrease, those assets have grown $201 billion in 2001, according to the ICI. Money market fund assets increased a total of $232 billion in 2000.