Outflows from tax-exempt money market funds for the week ending May 3 were $1.92 billion, nearly half of last week’s amount, leaving assets at $356.73 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The funds had lost $4.44 billion and settled at $358.64 billion in total net assets for the week ending April 26.
This week, the 495 tax-exempt funds reporting saw the average seven-day simple yield remain unchanged at 0.04%, while the average maturity declined by one day to 24 days.
The 1,166 taxable money funds saw outflows totaling $17.01 billion for the week ending May 4, after taking in $4.14 billion the previous week. The funds finished with $2.473 trillion in total net assets this week, versus $2.49 trillion the week before. The average seven-day simple yield for all taxable money funds remained at 0.03% for the third consecutive week.
Overall, total combined assets of the 1,661 money funds in the report declined by $18.93 billion to $2.830 trillion. The loss came on the heels of the Federal Open Market Committee’s decision last week to maintain the federal funds rate target range at between zero and 0.25% “for an extended period.”
The aggregate outflows followed losses of just $297 million the previous week, when the funds settled with $2.849 trillion in total net assets.
