iMoneyNet - Money Market Fund Analysis
By Paul Adams 28 Jun 2021
The 2020 pandemic, and the policy response it generated from the U.S. Federal Reserve, greased an already slippery slope for U.S. tax-free (T-F) and municipal money-market funds. Over the following 16 months, such funds saw both their number and the assets they hold drop to historic lows. From January 2020 – just prior to the global COVID outbreak – to May of this year, the number of tax-free funds tracked by iMoneyNet declined 14%, from 187 to 162. During the same period the assets they manage declined from $141 billion to $92.4 billion, a 35% slump.