Tax-exempt money market funds inched down further again this week, dropping $2.74 billion to $412.22 billion for the week ending Nov. 2, according to the Money Fund Report, a service of iMoneyNet.com.
Last week, the assets of tax-exempt money funds declined by $2.93 billion and settled at $414.96 billion for the week ending Oct. 26.
This week, the 505 tax-exempt funds in the report saw the average seven-day simple yield remain at 0.05% for the fourth week in a row, while the average maturity remained at 32 days.
Among the 1,178 taxable funds, assets declined $26.59 billion to $2.90 trillion for the week ending Nov. 3, compared with inflows of $6.15 billion for the week ending Oct. 27, when the funds ended at $2.927 trillion.
The average, seven-day simple yield for the taxable money funds, meanwhile, remained at a record low of 0.04% for a second week in a row.
Overall, the combined assets of the 1,683 money funds in the report lost $29.33 billion and settled at $3.313 trillion for the week ending Nov. 3. By comparison, the funds grew by $3.22 billion and settled at $3.342 trillion for the week ending Oct. 27.
