The first inflows into tax-exempt money market funds in nearly a month were gone almost as quickly as they arrived when $2.17 billion exited in the week ended May 14, eroding much of last week’s gains, according to the Money Fund Report, a service of iMoneyNet.com.
Tax-exempt money funds ended the week with total net assets of $272.79 billion. That came on the heels of $2.84 billion of inflows the week before, the first time in nearly a month the funds saw new cash, when total net assets rose to $274.96 billion.
The average, seven-day simple yield for the 442 tax-exempt money funds in the report remained at 0.02% for the fifth straight week, while the average maturity decreased one day to 25 days.
The 1,086 taxable money funds reporting lost $8.65 billion and total net assets declined to $2.267 trillion in the week ended May 15. That compares to the week before when they grew by $13.11 billion and total net assets increased to $2.275 trillion.
The average, seven-day simple yield for the taxable reporters remained at 0.03% for the 15th consecutive week, while the average maturity increased one day to 46 days from last week.
Overall, the combined assets of the 1,528 reporting money funds slipped by $10.82 billion and total net assets decreased to $2.539 trillion, compared to the previous week when the funds generated inflows of $15.95 billion and total net assets settled at $2.550 trillion.