Investor demand for tax-exempt money market funds withered as the industry registered $475.3 million in outflows, reducing total net assets to $264.65 billion, in the week ended July 22, according to The Money Fund Report, a service of iMoneyNet.com.
In the prior week, the industry registered outflows of $852.6 million, cutting total net assets to $265.13 billion, following the industry's biggest inflow in six months in the week ended July 8.
The average, seven-day simple yield for the 421 reporting tax-exempt funds held steady at 0.01%, while the average maturity remained unchanged from last week at 33 days.
The total net assets of the 1,019 taxable reporting money market funds shrank by $19.80 billion to $2.338 trillion in the week ended July 23, after $16.04 billion of inflows the prior week.
The average, seven-day simple yield for the taxable money funds held at 0.01%, while the average maturity was unchanged at 49 days.
Overall, the combined assets of the 1,440 reporting money funds decreased after rising substantially for two straight weeks, subtracting $2.46 billion of new cash as total net assets settled at $2.603 trillion in the week ended July 23. That followed inflows of $15.19 billion, which boosted total net assets to $2.605 trillion.