Tax-exempt money market funds saw the return of significant losses this week — despite gaining some modest inflows last week — as $2.45 billion fled the funds and total net assets settled at $270.01 billion in the week ended Aug. 27, according to The Money Fund Report, a service of iMoneyNet.com.
The outflows put an end to the brief inflow period that occurred last week when a scant $124.80 million of new cash arrived and total net assets rose slightly to $272.46 billion.
The average, seven-day simple yield for the 438 tax-exempt money market funds that reported this week remained unchanged at 0.01% for the 13th consecutive week, while the average maturity increased to 38 days from 35 days in the previous week.
Among the 1,078 taxable money market funds, total net assets fell by a modest $626.4 million and finished at $2.284 trillion in the week ended Aug. 28. That followed a week in which inflows of $3.80 billion caused total net assets to increase to $2.285 trillion.
The average, seven-day simple yield for the taxable money funds remained at 0.02% for a third week in a row, while the average maturity decreased by one day to 46 days compared to last week.
Overall, the combined assets of the 1,516 reporting money funds declined by $3.08 billion in the week ended Aug. 28 — which accounted for much of last week’s inflows — leaving total net assets at $2.554 trillion. The previous week saw the funds gain $3.92 billion as total net assets rose to $2.557 trillion.