Tax-exempt money market funds suffered outflows of $2.14 billion, ending the week of Jan. 19 with $501.1 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
That activity compares to the prior week's inflows of $3.19 billion, causing tax-free money funds to settle at $503.24 billion in total assets.
The average seven-day yield for the 514 tax-free money funds, meanwhile, reached an all-time low of 0.29%, which is a one-week drop of 12 basis points and two basis points lower than the previous record low of 0.31%, which was recorded on July 14, 2003, according to the report.
The average seven-day maturity, meanwhile, remained unchanged at 28 days.
Taxable money funds, meanwhile, saw $25.82 billion of outflows, to settle with total assets of $3.320 trillion, down from last week's record high of $3.346 trillion as a result of inflows totaling $40.19 billion. The average seven-day yield for the 1,234 taxable funds in the report dropped five basis points to 0.55% - the lowest level since June 22, 2004, when the yield fell to 0.56%.
Overall, the combined assets of the 1,748 money funds in the report also declined by $27.95 billion and ended the week of Jan. 20 with $3.821 trillion in total assets. Last week, the combined assets of all money funds in the report reached a record high of $3.849 trillion after they gained inflows of $43.38 billion for the week ending Jan. 13.
