Tax-exempt money market funds lost cash for a second straight week as $2.27 billion exited the industry and total net assets declined to $263.74 billion in the week ended Sept. 23, according to The Money Fund Report, a service of iMoneyNet.com.
In the prior week, total net assets dipped to $266.02 billion after the funds lost $619.5 million -- partly offsetting inflows of $1.92 billion that arrived in the week ended Sept. 9.
The average, seven-day simple yield for the 420 weekly reporting tax-exempt funds was unchanged at 0.01% from the prior week, while the average maturity increased by one day to 43 days.
The total net assets of the 1,022 weekly reporting taxable money market funds rose $36.91 billion to $2.405 trillion in the week ended Sept. 24, compared to the previous week when outflows of $9.21 billion reduced total net assets to $2.368 trillion.
The average, seven-day simple yield for the taxable money funds held at 0.01%, while the average maturity decreased by one day to 48 days compared to the prior week.
The combined total net assets of the 1,442 weekly reporting money funds rose by $34.64 billion to $2.668 trillion in the week ended Sept. 24, after $9.82 billion of outflows in the prior week.