Tax-exempt money market funds continued on their erratic pace as $2.44 billion exited the funds and total net assets dipped to $289.48 billion in the week ending Feb. 13, according to the Money Fund Report, a service of iMoneyNet.com.

Flows have fluctuated since the beginning of the year, and have struggled to stay positive. This week’s outflows are more than double the $1.65 billion of short-lived inflows that arrived last week when total net assets rose to $291.92 billion. However, the inflows came on the heels of significant outflows — $2.4 billion, $1.34 billion and $2.82 billion — in the three previous weeks, respectively.

The average seven-day simple yield for the 455 tax-exempt money funds reporting this week remained at 0.01% for the 24th consecutive week, while the average maturity remained at 29 days.

Among the 1,108 taxable reporting funds, $1.25 billion of inflows boosted total net assets to $2.343 trillion in the week ended Feb. 14, following a week when assets settled at $2.341 trillion after extremely modest inflows of $268.1 million.

The seven-day yield for the taxable funds was unchanged after rising to 0.03% last week, while the average maturity increased by one day to 46 days.

Overall, the combined total net assets of the 1,563 money funds in the report decreased by $1.19 billion and finished at $2.633 trillion in the week ended Feb. 14. That contraction followed a week in which combined assets settled at $2.633 trillion following $1.92 billion of inflows.

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