The modest inflows that tax-exempt money market funds saw last week came to an end as $3.24 billion exited the industry and total net assets settled at $280.69 billion for the week ended April 16, according to the Money Fund Report, a service of iMoneyNet.com.
The brief period of inflows saw the arrival of $600 million in new cash last week, on the heels of $1.25 billion of outflows the week before and $2.72 billion of outflows the week before that.
Meanwhile, the average seven-day simple yield for the 445 reporting tax-exempt funds remained at 0.02% for the second week in a row — after previously spending 31 weeks at 0.01% — while the average maturity fell one day to 27.
Among the 1,091 taxable money funds, meanwhile, $6.88 billion exited and total net assets settled at $2.273 trillion in the week ended April 17. The previous week, $2.75 billion left the funds and total net assets settled at $2.28 trillion.
The average seven-day simple yield for the taxable funds remained at 0.03% for the 11th week, while the average maturity remained unchanged at 45 days.
Overall, the combined assets of the 1,536 money funds reporting fell by $10.12 billion to $2.553 trillion in the week ended April 17. That compares to the previous week when total net assets fell by $2.15 billion and finished at $2.563 trillion.
