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Fund Commentary

 
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Treasury Portfolio

as of 2/28/17

Fund Commentary

Risk assets continued their strong start to 2017, with U.S. stocks reaching all-time highs. Economic data during the period generally surprised to the upside, while the first Federal Open Market Committee (FOMC) meeting of the year was a non-event. Market sentiment improved throughout the month, however, culminating in a series of hawkish comments from influential members of the Federal Reserve (Fed). Their rhetoric pushed the market based probabilities for a rate hike at the March meeting meaningfully higher over the last three days of the month. Money market rates were volatile during the period as technical pressures from reductions in T-Bill supply were offset by increased expectations for the next rate hike to come sooner rather than later. In acknowledgement of the significant technical pressures in the market for short duration government securities, we’ve selectively added duration to take advantage of steepness in the money market yield curve, while maintaining a strong liquidity profile to accommodate any unexpected outflows.
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An investment in the Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

©2017 Northern Institutional Funds | Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.