A week after posting the fourth heaviest outflows of the year, tax-exempt money market funds declined by $4.48 billion and finished the week of July 20 with total net assets of $450.32 billion, according to the Money Fund Report, a service of iMoneyNet.com.
Last week, the funds lost $5.15 billion and settled at $454.79 billion for the week ending July 13, the largest outflow activity since April, according to iMoneyNet. The two-week outflow period came on the heels of the first inflows in a month as investors poured $3.83 billion into tax-exempt money funds during the week ending July 6.
In addition, this week the average, seven-day simple yield for the 504 tax-free money funds in the report remained at a record low of 0.11% for the second week in a row, while the average maturity also remained unchanged at 28 days as of July 20.
Meanwhile, total assets in the 1,187 taxable funds in the report fell by $10.82 billion to $3.151 trillion, compared with last week’s outflows of $3.23 billion that ended with $3.161 trillion. The average yield for all taxable money funds dropped one basis point to 0.09% — a new record low following last week’s previous record of 0.10%.
The total combined assets of the 1,691 money funds in the report closed at $3.601 trillion after declining by $15.30 billion for the week ending July 21. In the previous week, total combined assets fell $1.91 billion and settled at $3.616 trillion.