Modest inflows of $903.9 million crept back into municipal money market funds as total net assets inched up to $262.38 billion in the week ended July 1, according to The Money Fund Report, a service of iMonetNet.com.
The inflows were nearly three times the $314.7 million of outflows that exited the funds in the previous week, when total net assets settled with $261.48 billion.
This week, the average seven-day simple yield for the 423 reporting tax-exempt money funds remained unchanged at 0.01% for the ninth straight week, while the average maturity increased by two days to 33.
For the 1,027 reporting taxable money funds, total net assets settled at $2.313 trillion after outflows of $2.36 billion fled the industry in the week ended July 2. That follows $8.49 billion of inflows boosting total net assets to $2.315 trillion the prior week.
The average seven-day simple yield for the taxable money funds also held at 0.01% for the seventh consecutive week, while the average maturity remained at 49 days.
Overall, the combined total net assets of the 1,450 reporting money funds declined by $1.46 billion to $2.575 trillion in the week ended July 2. That compares to the previous week, when the funds accumulated new cash totaling $8.17 billion – in what was the first inflow activity in the prior two weeks – as total net assets grew to $2.576 trillion.
