Tax-exempt municipal money market funds double-downed on outflows as a whopping $4.70 billion poured out in the week ended April 18 and total net assets fell to $312.10 billion, according to the Money Fund Report, a service of iMoneyNet.com.

The previous week saw $2.25 billion of tax-exempts flee money funds in the week ended April 11, leaving assets at $316.80 billion.

The average seven-day simple yield for the 478 tax-free funds reporting this week increased to 0.03% after dipping to 0.02% the week before, while the average maturity declined by one day to 26 days.

Total assets of the 1,140 taxable money funds in the report declined by a substantial $27.52 billion and finished at $2.38 trillion for the week ended April 19. That followed inflows of $19 billion the week before, when assets settled at $2.41 trillion.

The seven-day simple for the taxable money funds remained at 0.02% for a third consecutive week, while the average maturity was unchanged at 45 days.

Overall, the combined assets of the 1,618 money funds in the report fell $32.22 billion to $2.69 trillion in the week ended April 19, following inflows of $16.75 billion the previous week that left assets at $2.72 trillion.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.