Money Market Funds See $3.8B Outflow

Outflows to the tune of $3.81 billion caused tax-exempt money market funds to end the week of June 23 with $513.65 billion, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The decline comes on the heels of last week's scanty inflows of just $82.6 million, which caused total assets to settle at $517.45 billion, the report said.

The average seven-day yield of the 549 tax-exempt funds in the report the week increased by just two basis points to 1.36%, while their average maturity increased by two days to 25 days.

Meanwhile, the 1,302 taxable money market funds took in $11.86 billion during the week ended June 24, spiking total assets to $2.929 trillion, compared with $56.01 billion of outflows in the previous week that caused total assets to drop slightly to $2.917 trillion.

The 1,851 money market funds in total experienced $8.06 billion of inflows to rise to $3.442 trillion, compared with last week when the universe of money market funds lost a dramatic $55.9 billion and ended at $3.434 trillion.

 

 

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