Tax-exempt money market funds pulled in $1.12 billion of new cash in the week ended Aug. 8, nearly all of the outflows they suffered the week before as Congress scrambled to resolve the debt-ceiling crisis, according to The Money Fund report, a service of iMoneyNet.com.
Total net assets settled at $301.07 billion this week. That compares to $299.95 billion in total net assets after $1.23 billion of outflows during a historic week ahead of the Aug. 2 debt-ceiling deadline.
Meanwhile, for a sixth consecutive week the average seven-day simple yield for the 477 reporting tax-exempt funds remained at 0.01%, while the average maturity increased one day to 30 days.
Among the 1,130 taxable money funds, total net assets settled at $2.28 trillion as inflows of $60.15 billion arrived in the week ended Aug. 9. That compares to last week when the funds suffered record outflows of $101.98 billion and settled with $2.22 trillion in total net assets. It was the biggest one-week decline for the funds since March 16, 2010, when they lost $70.70 billion of assets.
The average seven-day simple yield for the taxable funds remained at 0.02% for a second week in a row, while the average maturity increased to 40 days from 38 days last week.
Overall, the combined assets of the 1,607 money funds in the report generated inflows of $61.28 billion and settled with $25.89 trillion in total net assets for the week ended Aug. 9. Last week, the funds settled at $25.27 trillion after assets plunged by $103.21 billion — the largest one-week decline since March 16, 2010, when $75.63 billion exited the funds.
