In a stunning reversal of recent patterns, tax-exempt money market funds amassed $4.64 billion of new cash as total net assets soared to $274.7 billion in the week ended July 9. That marked the second-highest inflow so far this year, says the Money Fund Report, a service of iMoneyNet.com.
The inflows far surpass any activity tax-free money funds have seen recently. Last week outflows of $209.7 million slipped out of the funds and finished with $270.06 billion. That folloed $1.12 billion of outflows in the week ended June 25.