After an Upside Blip, Muni Money Funds Go Negative

Tax-exempt money market funds lost $1.62 billion and total net assets fell to $322.1 billion for the week ending March 14 on the heels of modest inflows last week, according to the Money Fund Report, a service of iMoneyNet.com.

Positive flows of $639.9 ­million for the week ended March 7 saw total net assets settle at $323.67 billion. That was a slight improvement following the hefty outflows of $2.75 billion the funds experienced in the week ended Feb. 28.

Meanwhile, in other activity this week, the iMoneyNet money fund average, seven-day simple yield for the 480 tax-exempt money funds in the report remained at 0.03%, while the average maturity held at 28 days.

Assets of the 1,137 taxable money market funds dropped by $14.31 billion and finished with $2.388 trillion in total net assets for the week ended March 15, according to the report.

That followed inflows of $11.14 billion for the week ended March 8 when the funds finished with total net assets of $2.402 trillion. The seven-day yield was unchanged at 0.03%, while the average maturity decreased by one day to 45 days.

Overall, the combined assets of the 1,617 money market funds in the report saw outflows of $15.93 billion and finished with $2.711 trillion for the week ending March 15. That represented a negative turnaround from the $11.78 billion gain in the week ended March 8, when the funds settled with total net assets of $2.726 ­trillion.

For reprint and licensing requests for this article, click here.
Buy side
MORE FROM BOND BUYER