Tax-Exempt Money Funds Shed $356.8 Billion

Tax-exempt money market funds saw outflows of $356.83 billion while the average, seven-day simple yield remained unchanged at 0.04% for the week ending May 24, according to the Money Fund Report, a service of iMoneyNet.com.

While yields stayed even, the average maturity of the 495 funds in the report decreased by one day to 23 days.

The week before, tax-exempt money funds saw outflows of $283.8 million and ended with $356.98 billion in total assets.

Among the 1,166 taxable money funds in the report, assets grew by $7.57 billion to $2.465 trillion, a turnaround from the previous week when they lost $36.63 billion and settled at $2.458 trillion. The average, seven-day simple yield for the taxable funds remained at 0.03% for the sixth week in a row.

Overall, the funds combined assets grew $7.41 billion to $2.823 trillion for the week ending May 25 after losing $36.91 billion and finishing with $2.815 trillion the week before.

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