Muni Money Funds Drop $3.67 Billion

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Tax-exempt money market funds reported losses of $3.67 billion in the week ended April 14 as total net assets fell to $266.72 billion, according to The Money Fund Report, a service of iMoneyNet.com.

The losses come on the heels of the prior week's inflows of $1.58 billion.

The average seven-day yield for the 420 weekly reporting tax-exempt money funds was unchanged at 0.01%, while the average maturity increased one day to 32.

Meanwhile, the 1,016 weekly reporting taxable money funds reported losses of $35.57 billion as total net assets declined to $2.335 trillion in the week ended April 15.

In the prior week, the taxable funds gained $682.5 million.

The average, seven-day yield for the taxable funds remained at 0.01%, while the average maturity remained at 46 days.

Overall, the combined assets of the 1,436 weekly reporting money funds fell $39.23 billion as total net assets settled at $2.602 trillion, which compares to last week's gains of $2.26 billion.

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