Money market mutual fund assets have broken past the $800 billion mark for the first time, the Investment Company Institute reported.
Assets rose 2.5%, to $817.03 billion, in the week ended Feb. 22. The $19 billion jump, fueled by gains in both retail and institutional funds, was one of the largest one-week increases in the past two years.
Taxable retail funds rose by $10.03 billion to $453.58 billion, while tax-free retail portfolios gained $1.75 billion, closing the week at $108.42 billion.
On the institutional side, assets in taxable funds climbed $7.71 billion, to $228.37 billion, while tax-exempt funds grew $250.5 million to $26.66 billion.