Tax-exempt money market funds experienced a second week of outflows, losing $3.18 billion, and total net assets dropped to $326.73 billion in the week ended Jan. 24 — $1.17 billion less than the previous week, according to the Money Fund Report, a service of iMoneyNet.com.
The outflows followed losses of $4.35 billion that trimmed total net assets to $329.91 billion for the week ended Jan. 17 and offset the nearly month-long period of inflows that began on Dec. 15.
The iMoneyNet money fund average, seven-day simple yield for the 481 tax-free funds in the report held firm this week at 0.03%, while the average maturity remained at 31 days.
Meanwhile, 1,132 taxable money funds gained $5.79 billion in the week ended Jan. 25 and settled with total net assets of $2.40 trillion, compared to losing a whopping $45.48 billion in the week ended Jan. 18 when total net assets fell to $2.394 trillion.
The e yield for the reporting taxable money funds was unchanged at 0.03%, while the average maturity fell one day to 45 days.
Overall, the combined assets of the 1,613 money funds in the report grew by $2.62 billion and they funds settled with $2.727 trillion in total net assets for the week ending Jan. 25. That compares to the week ended Jan. 18 when the funds were diminished by $49.83 billion and total net assets settled at $2.725 trillion.
