After seeing money flee in recent weeks, tax-exempt money market funds inched up slightly by $1.29 billion for the week ending Sept. 7 to settle at $442.70 billion, according to the Money Fund Report, a service of iMoneyNet.com.

That was a switch from the week ending Aug. 31, when $4.70 billion of cash exited tax-exempt money funds and total assets dropped to $441.40 billion. That came on the heels of $17.3 million of outflows for the week ending Aug. 24, and $2.82 billion for the week before that.

The average, seven-day simple yield for the 507 tax-free money funds in the report set a new record low of 0.07% this week, down two basis points from 0.09% during the previous week. The average maturity increased by two days to 34 days for the week ending Sept. 7, compared to the previous week.

Among the 1,180 taxable money market funds, assets fell by $4.51 billion to $3.059 trillion for the week ending Sept. 8, according to the report. The average, seven-day simple yield for all taxable money funds remained at a record low of 0.06% for the third week in a row. In the previous week, taxable assets saw outflows of $24.23 billion and settled at $3.063 trillion.

Overall, the combined assets of the 1,687 money market funds in the report fell by $3.21 billion and finished at $3.501 trillion for the week ending Sept. 8, versus $28.93 billion of outflows which caused the combined assets of the funds to settle at $3.505 trillion the previous week.

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