Markets

Tax-exempt money market funds saw outflows of $356.83 billion while the average, seven-day simple yield remained unchanged at 0.04% for the week ending May 24, according to the Money Fund Report, a service of iMoneyNet.com.

New Jersey Gov. Chris Christie earlier this week remarked that if the state didn’t clean up its act it could become the next Greece.

The Bond Buyer’s weekly yield indexes were narrowly mixed this week, lagging Treasury market losses.

Many investors will set their sights on Washington this week, where the pricing of $1.1 billion of taxable general obligation Build America Bonds is expected to be a record-setting event for both the state and the market — even though overall volume is expected to dip noticeably from last week.

The municipal universe continues to shrug off the panic enveloping financial markets across the world.

The Bond Buyer’s weekly yield indexes declined this week as the municipal market grew firmer, though it lagged a more substantial rally in the Treasury market.

Municipalities with floating-rate debt, especially those with lower bond ratings, are likely to face high costs to renew their liquidity facilities this year and next — if they can obtain them at all.

Tax-exempt money market funds lost about half of what they gained last week, dropping $283.8 million to $356.98 billion in total assets for the week ending May 17, according to the Money Fund Report, a service of iMoneyNet.com.