Tax-exempt money market funds suffered outflows of $7.81 billion and slipped below the previous week's record high asset growth during the week ending Aug. 25, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
The outflows caused the assets in 553 tax-exempt and municipal funds to dip to $520.56 billion compared with last week, when the gain of $1.30 billion, pushed them to an all-time record high of $528.36 billion, according to the report.
Meanwhile, the average, seven-day yield for the tax-exempt and municipal money market funds held steady at 1.21% for a second week in a row. The average maturity increased to 31 days from 27 days.
The 1,308 taxable money market funds, by contrast, saw inflows of $7.66 billion, reaching an all-time high of $2.997 trillion in total assets, compared with last week when they lost $1.10 billion and settled at $2.989 trillion.
The combined 1,861 money market funds reporting this week declined by just $150 million, but managed to hold total assets steady at $3.52 trillion, mirroring last week's all-time record high, the report said.
