In a quick reversal, tax-exempt money market funds rose by $1.39 billion, regaining nearly one-fourth of last week's outflows and putting total net assets at $303.46 billion for the week ended July 4, according to the Money Fund Report.
Last week, tax-exempt funds lost $4.22 billion and ended with $302.07 billion.
The average, seven-day simple yield for the 477 tax-exempt money market funds reporting this week fell to an all-time low of 0.01%, while the average maturity increased to 29 days from 26 days, according to the report, a service of iMoneyNet.com.
Meanwhile, the total net assets of the 1,133 taxable money funds in the report decreased by $11.36 billion to $2.347 trillion, slightly less than the $13.35 billion decline to $2.358 trillion the week before.
The seven-day yield for the reporting taxable funds remained at 0.02% for the 14th week in a row. The average maturity decreased to 40 days from 41 days.
Overall, the combined assets of the 1,610 money funds reporting fell by $9.97 billion to $2.651 trillion for the week ended July 5, an improvement from losing $18.01 billion and settling at $2.661 trillion the previous week.
