Reversing the trend of the last two weeks, tax-free money market funds gained $228.3 million and settled at $465.89 billion in total assets for the week ending June 8, according to the Money Fund Report, a service of iMoneyNet.com.
Last week, by comparison, the funds lost a whopping $3.36 billion and settled at $465.66 billion in assets for the week ending June 1. That came on the heels of $124.8 million of outflows for the week ending May 25, when the funds ended at $469.02 billion.
The average seven-day simple yield for the 505 tax-exempt money funds in the report this week fell five basis points to a new low of 0.18% after ending at 0.23% for the week ending June 1.
Among the 1,202 taxable money funds in the report, assets declined by $6.78 billion, causing total assets to settle at $3.229 trillion for the week ending June 9.
The average seven-day simple yield for the taxable funds remained at an all-time low of 0.15% for the second week in a row as the federal funds target rates remains between zero and 0.25%.
Meanwhile, the combined assets of the 1,707 funds in the report dipped to $3.695 trillion for the week ending June 9 as a result of outflows totaling $6.55 billion, according to the report.
By comparison, last week, total assets settled at $3.701 trillion for the week ending June 2 after losing a whopping $21.49 billion.
