After two weeks of outflows, tax-exempt money market funds swelled by $11.77 billion to end the week of July 7 with $514.80 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
Last week, the tax-exempt funds saw outflows of $10.62 billion and ended the week of June 30 with $503.03 billion in total assets.
The average seven-day yield of the 549 tax-exempt and municipal funds in the report declined 20 basis points to 1.08% from 1.28%. The average maturity remained unchanged at 27 days.
Meanwhile, the 1,302 taxable funds in the report gained $51.16 billion, rising to $2.939 trillion for the week ending July 8. Last week, the taxable funds lost $40.86 billion to settle at $2.88 trillion.
Overall, the 1,851 money market funds jumped by $62.92 billion to settle at $3.454 trillion for the week ending July 8.
Last week, total assets of all money market funds fell by $51.47 billion, settling at $3.390 trillion for the week ending July 1.
- Christine Albano
