Tax-exempt money market funds remained in negative territory again this week as total assets declined by $646.9 million to $467.92 billion for the week ending May 4, according to the Money Fund Report, a service of iMoneyNet.com
Even though there was a decline, it was a great deal less than last week, when tax-exempt funds saw outflows totaling $5.94 billion and settled at $468.57 billion the week ending April 27.
Meanwhile, the average, seven-day simple yield for the 506 tax-exempt money funds in the report this week remained at 0.34%, while the average maturity remained unchanged at 24 days.
The 1,196 taxable funds also saw assets decline by $1.02 billion, which caused those funds to settle at $3.262 trillion for the week ending May 5, according to the report. The average seven-day simple yield for the taxable funds remained at an all-time low of 0.19% for a second week in a row — at the same time that the federal funds target range remains at between zero and 0.25%.
Last week, the taxable funds declined by $7.37 billion to $3.263 trillion in total assets.
Overall, the combined assets of the 1,702 funds in the report ended at $3.729 trillion, after assets dropped by $1.67 billion for the week ending May 5. That compares to last week when combined assets fell by $13.31 billion and settled at approximately $3.732 trillion.
