After seeing only modest inflows recently, tax-exempt money market funds garnered significant new cash as total net assets grew by $2.92 billion to $275.72 billion in the week ended Dec. 10, according to The Money Fund Report, a service of iMoneyNet.com.
The inflows compare to the prior week when the funds took in $757.5 million and total net assets finished with $272.80 billion, following $260.5 million of inflows in the week ended Nov. 26 when total net assets finished at $272.04 billion.
The average, seven-day simple yield for the 434 tax-exempt reporting funds remained unchanged from last week at 0.02%, while the average maturity also remained at 35 days.
The 1,044 taxable reporting funds accumulated inflows of $5.93 billion, causing total net assets to increase to $2.353 trillion in the week ended Dec. 11. That pales in comparison to the previous week when the taxable funds earned $25.52 billion of new cash and total net assets settled at $2.347 trillion.
The average, seven-day simple yield for the taxable funds was unchanged from the previous week at 0.02%, while the average maturity also remained unchanged at 48 days.
Overall, the combined 1,478 money funds reporting grew by $8.86 billion to $2.629 trillion in the week ended Dec. 11, which compares to the prior week when the funds accumulated $26.27 billion and total net assets ended with $2.620 trillion.