Money market funds returned to inflows in the week to July 19, a somewhat unexciting update released on Thursday evening showed.

The $4.22 billion haul came on the heels of a $20.4 billion exodus, and again suggested flows are becoming choppy.

You’ll recall that last week’s redemptions negated nearly half of the largest influx since late May, a near $44 billion deluge observed in the week to July 5, when total assets hit a new record.

This week’s modest inflows pushed the total amount parked in money funds back up to $5.46 trillion.

Once again, the entirety of the outflow (and then some) was attributable to institutional government, which shed $4.55 billion. Retail inflows to government and prime funds totaled nearly $11 billion.

Since mid-June, the institutional government category has seen a net $52 billion outflow.

Money market funds are rotating out of the Fed’s RRP facility and into Treasury bills, just what markets and policymakers were hoping to see as Treasury rebuilds its cash pile.

According to JPMorgan, government money funds bought around 60% of the $473 billion in June bill supply. There was $1.721 trillion parked in the RRP facility on Thursday. That’s down around $650 billion since the end of March.

“Looking ahead, as the stock of T-bills continues to rise, we suspect money market funds will remain a dedicated buyer, particularly if we are at the end of the tightening cycle,” JPMorgan said.

The bank sees RRP balances continuing to fall for the rest of the year, “though arguably at a slower pace than witnessed over the previous six weeks.”

Meanwhile, borrowing from the Fed’s new bank backstop (created in March amid the fallout from SVB’s overnight collapse), hit a new record in the week to Wednesday at $102.93 billion.

Discount window lending fell, but that’s an afterthought now.