Tax-exempt money market funds saw positive inflows during the week ending March 3, taking in $264.6 million, after two consecutive weeks of suffering outflows, according to the Money Fund Report, a service of imoneynet.com.
The total assets of the 549 tax-exempt funds included in the report grew to $475.84 billion, on the heels of last week's decline by $6.06 million to $475.57 billion. The funds lost $10.41 million during the week ending Feb. 18, resulting in $481.64 billion in total assets.
The average, seven-day yield for tax-free funds rose to 2.56%, up 66 basis points from 1.90% the prior week, while the average maturity dropped one day to 27 days.
Taxable funds, meanwhile, continued their record-breaking pace, as total assets grew by $23.76 billion, resulting in $2.922 trillion and surpassed last week's $2.898 trillion. The average, seven-day yield of the 1,272 taxable funds in the report declined by 11 basis points to 2.78% from 2.89%.
Meanwhile, the combined assets of the report's 1,821 money market funds saw inflows of $24.03 billion, which caused them to grow to $3.397 trillion - topping the prior week's record of $3.373 trillion.
