FICC captures record share of US MMF repos
Fed facility sees continued outflows as funds redirect assets
US money market fund (MMF) repos funnelled through the Fixed Income Clearing Corporation (FICC) surged 17.8% to a record $634.9 billion at the end of July, as fund managers continued to shift cash away from the Federal Reserve’s reverse repo programme (RRP).
FICC-cleared balances accounted for 24.6% of MMFs’ total reverse repo investments – the highest proportion ever recorded – according to data from the Office of Financial Research (OFR).
In contrast, only 14.8% of MMF repo investments remained
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