Tax-exempt money market funds both saw outflows and set record-low yields for the week ending Aug. 31 on the heels of losing very little cash and yields remaining unchanged the previous week, according to the Money Fund Report, a service of iMoneyNet.com.
The 507 tax-exempt money funds in the report saw total assets drop to $441.40 billion after $4.70 billion exited this week, following outflows of just $17.3 million the previous week that left $446.10 billion in total assets for the week ending Aug. 24.
The average seven-day simple yield for the tax-exempt funds, meanwhile, dropped just one basis point to 0.09% from 0.10% last week, while the average maturity increased to 32 days from 29 days the previous week.
Among the 1,179 taxable money market funds, total assets settled at $3.063 trillion after $24.23 billion fled the funds during the week ending Sept. 1.
In addition, the average seven-day simple yield for the taxable funds remained unchanged at 0.06% for the second week in a row.
The combined assets of the 1,686 funds in the report settled at $3.505 trillion after losing $28.93 billion for the week ending Sept. 1, compared with gains of $9.54 billion and settling at $3.533 trillion for the week ending Aug. 25, according to the report.