Tax-exempt money market funds suffered $852.6 million in outflows, offsetting part of the previous week's gain, as total net assets dipped to $265.13 billion in the week ended July 15, according to The Money Fund Report, a service of iMoneyNet.com.
In the prior week, the industry attracted inflows of $3.6 billion — the most in the last six months — as retail investors seeking shelter from market volatility and uncertainty over rising interest rates in the long-term market boosted total net assets to $265.98 billion.
The average, seven-day simple yield for the 424 reporting tax-exempt funds was unchanged at 0.01%, while the average maturity decreased by one day to 33 days compared to last week.
The total net assets of the 1,028 taxable reporting money market funds grew by $16.04 billion to $2.340 trillion in the week ended July 16, after $11.67 billion of inflows the prior week.
The average, seven-day simple yield for the taxable money funds remained at 0.01%, while the average maturity was unchanged at 48 days.
Overall, the combined assets of the 1,452 reporting money funds rose significantly for a second week, adding $15.19 billion of new cash as total net assets settled at $2.605 trillion in the week ended July 16. That came on the heels of inflows of $15.27 billion — the largest weekly increase in assets since May — which boosted total net assets to $2.590 trillion.