For the first week since the beginning of the year, tax-free money market funds saw outflows with a $10.41 billion decline for the week ending Feb. 18, causing assets to drop to $481.64 billion, down from the prior week's high of $492.05 billion, according to the Money Fund Report from imoneynet.com.

The average seven-day yield for the 549 tax-exempt money market funds in the report declined to 1.41%, down 29 basis points from 1.70% the previous week, while the average maturity was 29 days, one day less than the week before.

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