Money market funds recouped a portion of last week’s massive outflow in the week to October 25, data released late Thursday showed.

The $24.88 billion haul erased around a fourth of the prior period’s tax-related exodus. The bulk of the inflow was in institutional government, where all of the redemptions were last week.

Total AUM is now back up to $5.63 trillion. The record was $5.71 trillion on October 4.

As a reminder, the massive pile of cash parked in money funds is now throwing off considerable monthly interest income — more than $22 billion, in fact.

Suffice to say there’s still plenty of scope for money funds to absorb T-bill issuance, or at least that’s the impression one gets. Given volatility at the long-end of the Treasury curve and flagging equities, 5%+ on short-term US government obligations with no risk of any kind (no Mike Johnson jokes, it’s too early) is an attractive proposition.

Thursday’s four-week sale went well, stopping below the WI (and the RRP rate). With the Fed all but guaranteed to stay on hold next week, there’s nothing to lose with that paper. The eight-week was another story, though. It captures the December FOMC meeting, where lingering rate hike premium betrays some risk of a hike.

RRP balances were just $1.089 trillion on Thursday. That was close to a new two-year low.

Things could get interesting once the facility runs all the way down, but until then, RRP transformation can continue to soak up bill supply and mitigate reserve drain.

Meanwhile, borrowing from the Fed’s Bank Term Funding program, the emergency backstop established in SVB’s wake, hit a new record.

$109.068 billion as of October 25 represented a slight uptick from the prior week.

Discount window borrowing was $3.17 billion, the highest in a month.

Total borrowing from the backstops, at $112.2 billion, was a new “since April” high.