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INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS OF MONEY MARKET MUTUAL FUNDS

 INVESTMENT COMPANY INSTITUTE REPORTS ON ASSETS
 OF MONEY MARKET MUTUAL FUNDS
 WASHINGTON, April 16 /PRNewswire/ -- Assets of the nation's 590 money market mutual funds fell by $7.87 billion to $492.52 billion for the week ended Wednesday (4/15), the Investment Company Institute (ICI) reported today.
 The 214 institutional funds fell by $5.11 billion to $168.79 billion; the 285 general-purpose funds fell by $1.14 billion to $178.52 billion; and the 91 broker-dealer funds fell by $1.62 billion to $145.21 billion.
 "A sudden jump in the Fed funds rate on Wednesday caused a large transfer of institutional monies from money market funds into the repo market for overnight lending. On Thursday, when the Fed funds rate fell back, the flow of monies was probably reversed," said Dr. Jacob Dreyer, vice president and chief economist of the institute. "Regarding assets owned by individuals, the surging stock market attracted some money out of money market funds in the broker/dealer category. The reported drainage out of general-purpose funds was likely due to tax payments," Dreyer said.
 Assets of money market mutual funds for the week ended Wednesday (4/8) were not revised.
 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- 4/16/92
 /CONTACT: John Collins of Investment Company Institute, 202-293-7700/ CO: Investment Company Institute ST: District of Columbia IN: FIN SU:


DC -- DC022 -- 9531 04/16/92 17:11 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
Words:291
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