Though tax-exempt money market funds saw cash exit this week, the loss is relatively manageable given the heavy flows in the last two weeks, according to The Money Fund Report, a service of iMoneyNet.com.
For the week ending Nov. 12, tax-exempt money market funds saw $319.9 million of outflows as total net assets settled at $268.10 billion. That pales in comparison to the $2.78 billion of inflows that the funds accumulated last week as total net assets rose to $268.42 billion, as well as the $1.10 billion of outflows that investors withdrew in the week ended Oct. 29.
This week, the average, seven-day simple yield for the 441 reporting tax-exempt money funds remained at 0.01% for the 24th week straight, while the average maturity increased by one day to 37 days.
Total net assets of the 1,055 taxable reporting money funds fell by $1.02 billion to $2.286 trillion in the week ended Nov. 12 — on the heels of a whopping $45.53 billion of inflows in the previous week.
The average, seven-day simple yield for the taxable money funds fell to 0.02% from 0.03% in the previous week, while the average maturity remained at 49 days.
Overall, the combined assets of the 1,496 reporting money funds decreased by $1.34 billion and settled at $2.554 trillion in the week ended Nov. 12.