Tax-exempt money market funds erased much of last week’s short-lived gains as investors withdrew $1.86 billion of cash and total net assets fell to $287.98 billion in the week ended March 12, according to the Money Fund Report, a service of

In the previous week, $1.10 billion of inflows pushed assets up to $289.85 billion.

The average seven-day simple yield for the 446 tax-exempt reporting funds was unchanged at 0.01% for the 28th consecutive week, while the average maturity increased by one day to 29.

Meanwhile, total assets of the 1,102 reporting taxable funds declined by $1.75 billion to $2.334 trillion in the week ended March 13, following a week that sawfunds decline by $14.71 billion and total net assets settled at $2.336 trillion.

The seven-day yield for the taxable funds remained at 0.03% for the sixth straight week, while the average maturity stayed at 46 days.

Overall, the combined total net assets of the 1,548 reporting money funds decreased by $3.61 billion to $2.622 trillion in the week ended March 13. That was significantly less than the $13.61 billion of outflows that dropped total assets to $2.626 trillion the week before.

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