Assets Hit Record Again With $5.69B of Inflows

Asset levels in municipal money market funds have reached record levels for the last nine consecutive weeks, as the funds experienced inflows of $5.69 billion for the week ending Dec. 3. The increase in assets has accelerated after a slow finish in September and puts total assets in tax-free money market funds at $462.48 billion, according to the Money Fund Report. The report monitors 549 funds. Average seven-day yields over the same period were 3.06%, up two basis points from the week before and up 15 basis points from mid-November. The average maturity is 31 days, the same maturity when compared to the week that ended Nov. 26. This week’s data continues the trend set during the previous week but at a faster pace. Last week, tax-free money funds had inflows of just over $3 billion. Taxable funds had inflows of $41.68 billion, putting total net assets at $2.620 trillion, also a record level. The combined total is $3.082 trillion of assets under management.