Tax-exempt money market funds experienced another week of losses -- and got little lift from last week’s short-lived gains -- as a net $1.79 billion fled the industry and total net assets settled at $274.86 billion in the week ending March 25, according to The Money Fund Report, a service of iMoneyNet.com.
Last week, the funds reversed a recent spate of outflows with net inflows of $24.2 million as total net assets barely inched up to $276.65 billion.
This week, the average, seven-day simple yield for the 430 tax-exempt money funds remained at 0.01%, while the average maturity remained at 30 days.
Among the 1,028 taxable money funds assets increased by $11.30 billion to $2.350 trillion in the week ended March 26, which compares to the prior week when $8.95 billion of outflows caused total net assets to decrease to $2.339 trillion.
The average, seven-day simple yield for the taxable money funds was unchanged at 0.02%, while the average maturity decreased by one day to 28 days.
Overall, the combined assets of the 1,458 reporting money funds rose by $9.51 billion in the week ended March 26, as total net assets settled at $2.62 trillion. That compared to last week when total net assets fell by $8.93 billion to end at $2.615 trillion.