Tax-exempt money market funds recovered $3.19 billion of cash for the week ending July 5 — more than double their outflows the previous week — ending with $354.08 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com.

The reversal follows several lackluster weeks for tax-exempt money funds, which had outflows of $1.44 billion last week and finished with $350.89 billion the week ending June 28.

The average seven-day simple yield for the 496 tax-free money market funds reporting this week declined by one basis point to 0.04%, down from 0.05% the prior week. The average maturity increased to 28 days from 26 days.

Among the 1,171 reporting taxable money funds, total assets fell  $4.10 billion to $2.441 trillion for the week ending July 6. The average seven-day simple yield for the taxable funds remained at 0.04% for the third week in a row. Last week, taxable funds settled at $2.445 trillion after inflows of  $11.05 billion.

Overall, the 1,167 reporting money market funds saw their total assets decline by $909.7 million to finish with $2.795 trillion. The outflows followed $9.61 billion of inflows the previous week when the funds settled at $2.796 trillion.

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