In a reversal from the past three weeks, tax-exempt money market funds ushered in February on a positive note as they gained $1.65 billion and settled with $291.92 billion in the week ending Feb. 6, according to the Money Fund Report, a service of iMoneyNet.com.
The cash inflows were a turnaround from last week when the money funds ended with $290.26 billion after shedding $2.4 billion of cash, which followed outflows of $1.34 billion and $2.82 billion, respectively, in the two previous weeks.
This week, the average seven-day simple yield for the 455 tax-exempt reporting funds remained unchanged at 0.01% for the 23d straight week, while the average maturity remained at 29 days.
Meanwhile, the total net assets of the 1,109 taxable money market funds increased by a paltry $268.1 million to $2.341.85 trillion in the week ended Feb. 7.
That compares to the previous week when the muni money funds lost $20.84 billion and total net assets declined to $2.341.58 trillion.
The average seven-day simple yield for the taxable funds rose by one basis point to 0.03% compared to the week before, while the average maturity increased by one day to 45.
Overall, the total net assets of the combined 1,564 reporting money market funds grew by $1.92 billion to $2.634 trillion in the week ended Feb. 7. In the week before that, total net assets finished with $2.631 trillion after the funds lost $22.98 billion.