On the heels of hefty outflows last week, the assets of tax-exempt money market funds dipped by just $649.8 million to settle at $411.57 billion for the week ending Nov. 9, according to the Money Fund Report, a service of iMoneyNet.com.
The decline is considerably less than last week when the funds saw outflows of $2.74 billion and ended at $412.22 billion in total assets.
Meanwhile, the 505 tax-exempt money funds in the report this week saw the average seven-day simple yield decline by one basis point to a record low of 0.04%, while the average maturity remained unchanged at 32 days.
Among the 1,178 taxable money funds, total assets decreased by $12.48 billion to settle at $2.888 trillion for the week ending Nov. 10, while the seven-day yield remained at a record low of 0.04% for the third week in a row. Taxable funds declined a whopping $26.59 billion and finished at $2.900 trillion for the week ending Nov. 3.
Overall, the combined assets of the 1,683 funds in the report fell by $13.13 billion for the week ending Nov. 10 and settled at $3.299 trillion. The previous week, the funds saw outflows of $29.33 billion, which dropped total assets to $3.312 trillion.