For the first week since the beginning of the year, tax-free money market funds saw outflows with a $10.41 billion decline for the week ending Feb. 18, causing assets to drop to $481.64 billion, down from the prior week's high of $492.05 billion, according to the Money Fund Report from
The average seven-day yield for the 549 tax-exempt money market funds in the report declined to 1.41%, down 29 basis points from 1.70% the previous week, while the average maturity was 29 days, one day less than the week before.
Among the 1,273 taxable funds in the report, assets grew by $27.21 billion to hit a record-breaking $2.872 trillion for the week ending Feb. 19, versus the $2.845 trillion among 1,272 funds in the report for the week ending Feb. 12.
Meanwhile, the 1,822 money market funds in this week's report grew by $16.80 billion to set an overall record of $3.354 trillion in assets, which topped the previous record of $3.337 trillion among 1,821 funds that was achieved the week ending Feb. 12, the report said.
