Hefty outflows from tax-exempt money market funds continued for the second week, as $3.77 billion bled out and total net assets sank to $276.92 billion in the week ended April 23, according to the Money Fund Report, a service of iMoneyNet.com.

Tax-exempt funds last week saw the loss of $3.24 billion in cash, which brought a swift end to the modest short-lived inflows of two week ago and left total net assets at $280.68 billion.

The average seven-day simple yield for the 445 tax-exempt reporters remained at 0.02% for the second week in a row, while the average maturity stayed at 27 days.

Among the 1,092 taxable money fund reporters, total net assets rose by $11.87 billion to $2.285 trillion in the week ended April 24. That is a reversal from the week before when the funds saw outflows of $6.88 billion and total net assets fell to $2.273 trillion.

The average seven-day simple yield for the taxable money funds remained 0.03% for the 12th consecutive week, and the average maturity increased by one day to 46.

Overall, the combined assets of the 1,537 reporting money funds increased by $8.10 billion to $2.561 trillion in the week ended April 24, following the previous week when total net assets fell by $10.12 billion and ended at $2.553 trillion.

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