After nearly a month of consistent outflows, tax-exempt money market funds managed to gain $1.79 billion and settle at $484.36 billion in total assets for the week ending April 6, according to the Money Fund Report, a service of iMoneyNet.com.
Limited inflow activity has plagued tax-exempt money funds since the start of the year. It has been nearly a month since the funds last generated positive flows, accumulating $3.65 billion and settling at $485.77 billion for the week ending March 9 - marking only the third time the funds saw inflows since January.
Last week, the funds lost $1.87 billion and ended the week of March 30 with $482.57 billion in assets.
The average seven-day simple yield for the 508 tax-exempt money funds in the report this week slipped to 0.30% from 0.34% last week, while the average maturity increased to 25 days from 24 days.
The 1,209 taxable funds garnered inflows of $27.62 billion to end the week of April 7 with $3.293 trillion in total assets, versus losses of $46.85 billion to settle at $3.265 trillion for the week ending March 31.
The average seven-day simple yield for taxable money funds slipped again to a new all-time record of 0.22% from last week's 0.23%, while the target federal funds rate remains between zero and 0.25%.
The combined assets of all money market funds in the report gained $29.41 billion and ended the week of April 7 with $3.777 trillion, compared with last week when they declined by $48.72 billion and totaled $3.748 trillion in assets.
