Outflows curtailed the growth of tax-exempt money market funds for a second straight week as $2.18 billion exited the industry and total net assets fell to $267.71 billion in the week ended Sept. 2, according to The Money Fund Report, a service of iMoneyNet.com.

The losses were more than double the $1.06 billion that fled the industry in the prior week, when total net assets slipped to $266.89 billion. Before that, the funds gained $1.02 billion as total net assets increased to $267.95 in the week ended Aug. 19.

The average, seven-day simple yield for the 421 tax-exempt reporting money funds was unchanged at 0.01%, while the average maturity increased to 42 days.

Among the 1,016 taxable reporting money funds, $17.57 billion of outflows cut total net assets to $2.346 trillion in the week ended Sept. 3, compared to the previous week when the funds added $16.74 billion of new cash that boosted total net assets to $2.363 trillion.

The average, seven-day simple yield for the taxable funds held at 0.01%, while the average maturity remained at 47 days.

The combined total net assets of the 1,437 reporting money funds dipped to $2.610 trillion in the week ended Sept. 3 after reporting the loss of $19.74 billion, which brought an end to five consecutive weeks of inflows. Previously, total net assets soared to $2.630 trillion after the funds gained $15.68 billion -- the largest weekly inflow since January.

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