Tax-exempt money market funds gained a bit, reversing last week’s losses by generating $137.8 million of new cash and pushing total net assets to $322.2 billion in the week ended March 21, according to the Money Fund Report, a service of iMoneyNet.com.
Though modest, the inflows buoyed the funds following last week’s $1.62 billion outflow that dropped assets to $322.05 billion in the week ended March 14.
The iMoneyNet money fund average, seven-day simple yield for the 480 tax-exempt funds in the report remained at 0.03%, while the average maturity remained at 28 days.
Assets of the 1,137 taxable money market funds fell $5.49 billion to $2.383 trillion in the week ended March 22. But that outflow paled by comparison to the $14.31 billion hemorrhage to $2.388 trillion that occurred the week before. The seven-day yield was unchanged at 0.03%, while the average maturity remained at 45 days.
Overall, the combined assets of the 1,617 money funds reporting saw outflows of $5.35 billion and finished with $2.705 trillion for the week ended March 22. That followed the previous week’s outflow of $15.94 billion to $2.710 trillion.
