In their largest one-week move so far this year, tax-exempt money market funds gained a stunning 1.9%, or $5.27 billion, from last week, bringing assets in the week ended Dec. 5 to $289.94 billion, according to the Money Fund Report, a service of iMoneyNet.com.
It was also the biggest one-week increase in tax-exempt assets for the year, noted Mike Krasner, managing editor of iMoneyNet Inc., which compiles the report. This week’s inflows, in particular, compare favorably to the $1.56 billion of outflows that dragged down total net assets to $284.67 billion the week before, in a year in which inflows have been few and far between.
In fact, tax-exempt assets are down 11.7%, or $38.56 billion, in the year to date, Krasner said.
Meanwhile, the average seven-day simple yield for the 469 reporting tax-exempt funds remained at 0.01% for the 14th week straight, and the average maturity remained at 33 days.
The 1,115 taxable money funds reporting gained $7.01 billion to $2.362 trillion for the week ended Dec. 6, versus inflows of $19.21 billion the week before, which saw $2.355 trillion in assets.
The average yield for the taxable funds was unchanged at 0.02% for the 19th consecutive week, and the average maturity remained at 43 days.
Overall, the combined assets of the 1,584 reporting money funds increased to $2.652 trillion after $12.28 billion of inflows in the week ended Dec. 6. The previous week saw $17.65 billion of inflows that brought total net assets to $2.640 trillion.