Corporate demand helped assets in the country's money market mutual funds edge up by 4.4%, to $1.1 trillion, during the week ended last Wednesday.
Institutional money market mutual funds expanded at a faster rate than retail funds, according to the Investment Company Institute, a Washington trade group.
Assets of the 346 institutional funds surged 7.4%, to $394.5 billion, during the week. Among them, the 282 taxable institutional money market funds grew 7.2%, to $353.3 billion, and the 64 tax-exempt funds increased by 9.4%, to $41.2 billion.
The 671 retail money market mutual funds increased assets by 2.9%, to $716.2 billion, for the week.
Assets of the 404 retail taxable money market mutual funds were up 2.5%, to $585.7 billion, and the 267 tax-exempt funds increased by 4.4%, to $130.6 billion.