Tax-exempt money market funds gave up last week’s short-lived cash flow as outflows of $1.80 billion dropped total net assets to $272.46 billion in the week ended May 28, according to the Money Fund Report, a service of iMoneyNet.com.
Last week’s $1.47 billion of inflows finished with $274.26 billion of assets, allowing the funds to recapture some of the previous week’s losses after $2.17 billion exited the funds and assets closed at $272.79 billion in the week ended May 14.
This week, the average seven-day simple yield for the 442 tax-exempt money funds in the report remained at 0.02% for the eighth week straight, while the average maturity remained at 25 days.
In the taxable market, the 1,083 reporting funds gained $8.13 billion and total net assets rose to $2.275 trillion in the week ended May 29. That followed a week that saw a modest $122.5 million outflow and assets dipped a bit to $2.26 trillion.
The seven-day yield for the taxable funds remained at 0.03% for the 17th consecutive week, while the average maturity decreased by one day to 45.
Overall, the combined assets of the 1,525 reporting money funds increased by $6.33 billion as total net assets rose slightly to $2.547 trillion, following a week that saw $1.35 billion of inflows and $2.541 trillion of assets.
