Muni Money Funds Extend Losses by $530.4 Million

Demand for tax-exempt money market funds continued to shrink as the industry experienced $530.4 million in outflows, leaving total net assets at $264.12 billion, in the week ended July 29, according to The Money Fund Report, a service of iMoneyNet.com.

It was the third straight week of outflows for the funds since an inflow of $3.6 billion the week ended July 8. Funds registered $475.3 million in outflows last week, which put total net assets to $264.65 billion. In the week ended July 15, funds suffered $852.6 million in outflows.

The average, seven-day simple yield for the 421 reporting tax-exempt funds held steady at 0.01%, while the average maturity remained unchanged from last week at 33 days.

Total net assets of the 1,019 taxable reporting money market funds gained by $2.6 billion to $2.34 trillion in the week ended July 30, after $1.98 billion of outflows the prior week.

The average, seven-day simple yield for the taxable money funds held at 0.01%, while the average maturity fell to 48 days from 49.

Combined overall assets of the 1,440 reporting money funds increased again after falling last week, adding $2.03 billion of new cash as total net assets settled at $2.605 trillion in the week ended July 30. That followed outflows of $2.46 billion, which lowered total net assets to $2.603 trillion.

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