Investors pulled $2.55 billion from tax-exempt money market funds in the week ending May 30, dropping total net assets to $306.57 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The outflow followed a week in which tax-free muni money funds actually took in a modest $82.8 million and settled with $309.11 billion in assets.
The average seven-day yield for the 478 tax-free funds remained at 0.02% for a third consecutive week, while the average maturity remained at 24 days.
Meanwhile, assets of the 1,139 taxable money market funds reporting this week declined by $19.21 billion and finished with $2.396 trillion. In the week ending May 24, taxable funds saw a $6.2 billion inflow that ended with $2.415 trillion in assets.
The average seven-day yield for the taxable funds held steady at 0.02% for the ninth consecutive week, while the average maturity remained at 45 days.
Overall, the combined assets of the 1,617 reporting funds saw outflows of $21.76 billion and settled at $2.703 trillion for the week ending May 31. The week before, the funds finished with $2.724 trillion after inflows of $6.29 billion.
