Tax-exempt money market funds closed the second quarter with outflows of $3.87 billion, which caused total assets to settle at $456.11 billion for the week ending June 29, according to the Money Fund Report, a service of iMoneyNet.com.
Tax-exempt assets previously lost $3.03 billion and settled at $459.98 billion for the week ending June 22.
At the same time, the average seven-day simple yield of the 504 tax-free money funds dipped to a new low of 0.17%, compared to 0.19% last week, and beating the record low of 0.18% set on June 8. The average maturity increased one day to 26 days from 25 days for the week ending June 29.
In the taxable market, meanwhile, the assets of the 1,208 money funds fell $42.65 billion and ended at $3.144 trillion for the week ending June 30, compared with inflows of $18.11 billion and total assets of $3.187 trillion for the week ending June 23.
In addition, the yield of the taxable money funds in the report dropped to an all-time low of 0.11% for the week ending June 30, down two basis points from the prior week.
Overall, the combined assets of the 1,712 money funds in the report plummeted $46.52 billion at quarter-end as of June 30, settling at $3.601 trillion, versus inflows of $15.08 billion for the week ending June 23, when the combined assets ended at $3.647 trillion.
