Outflows among tax-exempt money market funds more than doubled in the week ending Sept. 20 when $2.71 billion exited the funds and total net assets settled at $334.36 billion, according to the Money Fund Report, a service of iMoneyNet.com.
By comparison, the funds lost $1.08 billion and settled with $337.07 billion in total net assets for the week ending Sept. 13.
The iMoneyNet average seven-day simple yield for the 492 reporting tax-exempt funds increased to 0.04% from 0.03%. In addition, the average maturity increased to 33 days from 32 days versus last week.
Meanwhile, the 1,145 taxable money market funds reporting this week declined by $34.88 billion and finished with $2.443 trillion for the week ending Sept. 21. That contrasts with $11.30 billion of inflows that arrived in the week ending Sept. 14, when the funds settled with $2.478 trillion in total net assets.
The iMoneyNet average seven-day simple yield for taxable money funds remained at 0.04% for the 14th week in a row, as of Tuesday, the same day that the Federal Open Market Committee announced it will keep the federal funds target rate unchanged in a range between zero and 25 basis points.
Overall, the combined assets of the 1,637 money funds lost $37.60 billion and finished with $2.778 trillion for the week ending Sept. 21, versus the previous week when they surged by $10.22 billion and settled at $2.82 trillion for the week ending Sept. 14.