Tax-exempt money market funds experienced significant outflows during the week ending Sept. 27, virtually mirroring the previous reporting period, as $2.73 billion fled the market, leaving the funds with $331.62 billion in total net assets, according to the Money Fund Report, a service of iMoneyNet.com.
The activity follows last week’s decline of $2.71 billion, double the $1.08 billion the funds lost in the week ending Sept. 13. Total net assets settled at $334.36 billion last week and $337.07 billion two weeks ago.
The iMoneyNet money-fund average seven-day simple yield for the 489 reporting tax-exempt funds remained at 0.04% during the week ending Sept. 27, while the average maturity was also unchanged from the previous reporting period at 33 days.
Meanwhile, the assets of the 1,145 taxable funds in the report grew by $4.93 billion and settled at $2.448 trillion for the week ending Sept. 28. The previous week they settled with $2.443 trillion after losing a whopping $34.88 billion.
The average, seven-day simple taxable yield remained at 0.04% for the 15th consecutive week.
The overall pace of growth improved for the combined assets of the 1,634 funds in the report, rising $2.19 billion to $2.780 trillion this week. That compares to the $37.60 billion of outflows recorded during the week ending Sept. 21, when total assets ended with $2.778 trillion.
