Tax-free money market funds continued to see outflows for the week ending Feb. 9, as total assets declined by $2.2 billion to settle at $486.73 billion, according to the Money Fund Report, a service of iMoneyNet.com.
Outflows slowed from the prior week ending Feb. 2, when the funds lost $4.56 billion to end at $488.8 billion.
The average seven-day simple yield for the 511 tax-free funds in the report this week declined to an all-time low of 0.28%, down from 0.32% the prior week and 0.29% on Jan. 26, the previous record low. The average maturity, meanwhile, remained unchanged at 27 days.
Taxable fund assets rose by $5.40 billion to reach $3.343 trillion for the week ending Feb. 10, compared with $3.26 billion in outflows the previous week to settle at $3.337 trillion in total assets. The average seven-day simple yield for the 1,226 taxable funds in the report continued to decline his week to an all-time low of 0.40%, down from the previous record low of 0.43% in prior week before.
The combined assets of the 1,737 funds in the report netted inflows of $3.28 billion to settle at $3.830 trillion for the week ending Feb. 10, according to the report. Last week, the combined assets of all money funds saw outflows of $7.82 billion that totaled $3.826 trillion.