Tax-exempt money market funds raked in $6.22 billion, the biggest weekly inflow in five years, as total net assets rose to $258.75 billion in the week ended July 7, according to The Money Fund Report, a service of iMoneyNet.com.
The inflows were the highest since the funds reported the addition of $8.23 billion in the week ended Jan. 5, 2009, according to Mike Krasner, managing editor at iMoneyNet Inc. Record flows of $14.96 billion were reported in the week ended Jan. 9, 2006, he said.
This week's inflows were more than double the previous week's outflow of $3.02 billion when assets settled at $252.53 billion. Krasner characterized them as cyclical and said they are in line with the two previously reported largest weekly flows, which also occurred in early July, including $3.59 billion in the week ended July 8, 2013, and $4.63 billion of inflows in the week ended July 9, 2012.
The average, seven-day simple yield for the 418 weekly reporting tax-exempt money market funds was unchanged at 0.01%, while the average maturity declined by one day to 34 days compared to the prior week.
The total net assets among taxable money market funds rose by $6.44 billion to $2.345 trillion in the week ended July 8, just slightly less than inflows of $6.77 billion in the prior week.
The average, seven-day simple yield for the 1,011 weekly reporting taxable funds held steady at 0.01%, while the average maturity was unchanged at 44 days.
Overall, the combined total net assets of the 1,429 weekly reporting money funds soared by $12.66 billion, which was triple last week's inflows, and boosted total net assets to $2.604 trillion in the week ended July 8.
The inflows represented a third straight week of reported gains and came on the heels of last week's inflows of $3.74 billion.
