Tax-exempt money market funds gave up two-thirds of the impressive gains they generated last week, reporting $4.21 billion in net outflows as total net assets settled at $288.55 billion in the week ending Jan. 14, according to the Money Fund, a service of iMoneyNet.com.

The outflows contrasted with on the $6.18 billion of inflows the funds netted the prior week, which almost doubled the $3.22 billion the funds accumulated in the week ended Dec. 31 and was higher than inflows for any week in 2012.

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