Tax-exempt money market funds rang in 2010 with $2.60 billion of inflows and total assets of $402.24 billion for the week ending Jan. 4, according to the Money Fund Report, a service of iMoneyNet.com.
The average seven-day simple yield for the 500 tax-exempt funds in the report dipped just one basis point, ending at 0.04%, while the average maturity decreased by one day to 30 days compared with the prior week.
Tax-exempt funds closed 2009 with outflows of $1.87 billion and total assets of $399.64 billion for the week ending Dec. 28, according to the report. IThe average seven-day simple yield for the funds gained one basis point to end at 0.05% for the same weekly period.
Meanwhile, in the taxable market, assets of the 1,168 funds in the report rose by $6.86 billion and settled at $2.868 trillion for the week ending Jan. 5. That compares with inflows of $24.05 billion and total assets of $2.861 trillion for the week ending Dec. 29.
The average seven-day simple yield for all taxable funds remained unchanged for the week ending Jan. 5 at a record low of 0.03% for the seventh straight week.
The Bond Buyer’s one-year note index Wednesday reached an all-time low of 0.45%. The previous low was 0.46% on Dec. 16, 2009. The index began in July 1989.
Overall, the combined assets of all money market funds in the report increased by $9.463 billion and settled at $3.270 trillion for the week ending Jan. 5. In the last week of 2009, ending Dec. 29, money market funds increased by $22.18 billion and settled at $3.261 trillion.
