Outflows of tax-exempt money market funds inched down to $2.17 billion and settled at $385.44 billion in total assets for the week ending Feb. 8, according to the Money Fund Report, a service of iMoneyNet.com.
Last week saw outflows of $3.37 billion to $387.60 billion on the heels of $2.65 billion of outflows during the week ending Jan. 25.
The average seven-day simple yield for the 498 tax-exempt funds reporting this week remained unchanged at a record-low of 0.02% for the fifth week in a row, while the average maturity also remained unchanged at 29 days.
In the taxable market, meanwhile, the assets of the 1,164 funds in the report declined by $5.48 billion and settled with total assets of $2.777 trillion for the week ending Feb. 9, after ending at $2.783 trillion following outflows of $16.87 billion during the week ending Feb. 2.
The average yield for all taxable money market funds declined one basis point in the week ending Feb. 9 to 0.02% after remaining at 0.03% since Nov. 24.
Overall, total money market fund assets dropped by $7.65 billion in the week ending Feb. 9 and finished at $3.163 trillion in total assets. That was considerably less than last week when assets fell by $20.23 billion and settled at $3.171 trillion.