Outflows continued among tax-exempt money market funds this week as investors withdrew $1.72 billion and total net assets declined to $295.25 billion in the week ended Aug. 29, according to the Money Fund Report, a service of iMoneyNet.com.
Last week, outflows totaled $1.61 billion and total net assets fell to $296.97 billion.
The average, seven-day simple yield for the 475 tax-exempt money funds in the report this week remained at 0.02% for a second week in a row, while the average maturity remained at 30 days.
Among the 1,594 taxable money funds in the report, total net assets rose by $15.91 billion to $2.331 trillion in the week ended Aug. 30. In the previous week, money funds ended with $2.315 trillion in total net assets after shedding $1.09 billion.
The average, seven-day simple yield for the taxable money funds remained at 0.02% for a fourth consecutive week, while the average maturity decreased to 39 days from 41.
Overall, the combined money market funds gained $14.19 billion and closed with $2.626 trillion in total net assets for the week ended Aug. 30.
The previous week saw the funds settle with $2.612 trillion in total net assets, which followed outflows of $270 billion the week before.
