Tax-exempt money market funds settled at $481.47 billion in total assets after losing $2.89 billion for the week ending April 13 — two days before the official tax payment deadline on Wednesday and on the heels of a short-lived period of inflows last week, according to the Money Fund Report, a service of iMoneyNet.com.
During the previous week, tax-exempt money funds gained $1.79 billion after nearly a month of consistent outflows to end the week of April 6 with $484.35 billion in assets.
Meanwhile, the average, seven-day yield for the 508 tax-exempt funds in the report this week was unchanged at 0.30%, while the average maturity also remained unchanged at 25 days.
The assets of the 1,206 taxable funds in the report declined by $843.8 million to $3.291 trillion for the week ending April 14, while the funds snapped up $27.62 billion of inflows and settled at nearly $3.292 trillion in assets for the week ending April 7.
The yield of the taxable money funds continued to dip to new record levels, falling to 0.21% from 0.22% for the week ending April 7, while the target federal funds rate remains at between zero and 0.25%.
Total fund assets fell by $3.73 billion to $3.773 trillion for the week ending April 14, compared to inflows of $29.41 billion for the week ending April 7 for a total of $3.777 trillion.