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ASSETS OF NATION'S MONEY MARKET MUTUAL FUNDS FALL BY $10.75 BILLION

ASSETS OF NATION'S MONEY MARKET MUTUAL FUNDS FALL BY $10.75 BILLION
 WASHINGTON, May 28 /PRNewswire/ -- Assets of the nation's 595 money market mutual funds fell by $10.75 billion to $492.23 billion for the week ended Wednesday (5/27), the Investment Company Institute reported today.
 The 218 institutional funds dropped by $9.90 billion to $176.39 billion; the 286 general-purpose funds rose by $19.2 million to $175.09 billion; and the 91 broker-dealer funds decreased by $872.5 million to $140.76 billion.
 "The Fed funds rate rose by some 40 basis points in the two post- Memorial Day sessions," said Dr. Jacob Dreyer, vice president and chief economist of the institute. "Therefore, yields offered by institutional money market funds became that much relatively less attractive. In response, some institutional money managers switched from money market funds into the very short-term direct market."
 Assets of money market mutual funds for the week ended Wednesday (5/20) were revised slightly, to $502.98 billion, and the increase was revised to $5.76 billion. The revisions reflect a change in the number of funds reporting and a reporting error. ICI reports the assets of money market funds to the Federal Reserve Board each week and makes this data available to the public on a weekly basis. The institute also reports monthly on two broad categories of funds: (1) short-term funds, which include taxable and tax-free money market funds, (2) all other funds, such as stock, income, corporate bond and municipal bond funds.
 -0- 5/28/92
 /CONTACT: Malin Jennings of the Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU: ECO


MH-TW -- DC015 -- 4927 05/28/92 16:36 EDT
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Publication:PR Newswire
Date:May 28, 1992
Words:288
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