For the second week in a row, tax-exempt money market funds saw outflows - albeit slightly less than last week - as they closed the books on October and digested a 50 basis point interest rate cut by the Federal Open Market Committee.

During the week ending Nov. 3, the assets of the 534 funds in the Money Fund Report declined by $914 million, ending the week with total assets of $494.99 billion, compared with last week when they lost $1.96 billion and ended with $495.91 billion. The report is a service of iMoneyNet.com of Westborough, Mass.

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