Tax-free money market funds regained some of their luster the week ending Aug. 9, as total net assets increased by $941.5 million to $346.3 billion, according to the Money Fund Report, a service of iMonetNet.com.
The burst of inflow activity followed a $760.2 million loss during the seven-day period ending Aug. 2, when tax-exempt funds finished with $345.39 billion after posting the smallest outflows in a month.
The average seven-day simple yield for the 493 tax-exempt reporting funds declined by one basis point this week to 0.03%, while the average maturity increased to 28 days from 27 days.
Meanwhile, the total net assets of the 1,148 taxable money funds increased by $9.35 billion and settled at $2.45 trillion for the week ending Aug. 10, up from $2.44 trillion the previous week when the funds saw $8.59 billion of inflows.
The average seven-day simple yield for the taxable money funds remained at 0.04% for the eighth consecutive week.
Overall, the combined total assets of the 1,641 reporting money funds rose $10.29 billion to $2.80 trillion in the week ending Aug. 10, up from a $7.83 billion gain to $2.79 trillion the previous week, according to iMoneyNet.com.