Continuing last week's outflow pattern, tax-exempt money market funds lost $1.49 billion as total net assets declined to $268.31 billion in the week ended Sept. 24, according to The Money Fund Report, a service of iMoneyNet.com.
The losses from the 438 tax-exempt money funds were significantly higher than last week's $449.9 million of outflows, which caused total net assets to decrease to $269.80 million.
The average seven-day simple yield for the funds stayed at 0.01% for the 17th week straight as the average maturity decreased one day to 37 days.
Among the 1,060 taxable funds reporting this week, inflows of $12.83 billion boosted total net assets to $2.290 trillion in the week ended Sept. 25. They also more than compensated for the $10.89 billion that fled the funds last week when assets declined to $2.277 trillion.
The seven-day yield for the taxable funds stayed at 0.03% for the third week in a row, while the average maturity rose one day to 48 days. Overall, the combined assets of the 1,498 reporting funds grew by $11.35 billion in the week ended Sept. 25 as assets rose to $2.559 trillion. The previous week saw outflows of $11.34 billion and net assets settled at $2.547 trillion.