Muni Money Funds Taper Outflows

hundred-dollar-bills-fotolia357.jpg
Bunch of hundred dollar bills

Outflows among tax-exempt money market funds tapered off to $879.7 million as total net assets fell to $262.78 billion in the week ended Oct. 28, the third straight week of losses, according to The Money Fund Report, a service of iMoneyNet.com.

The outflows compare with the $1.26 billion that fled the funds as total net assets fell to $263.66 billion last week.

The average, seven-day simple yield for the 420 weekly reporting tax-exempt money market funds was unchanged at 0.01%, while the average maturity decreased by one day to 41 days.

The total net assets of the 1,017 weekly reporting taxable money funds rose to $2.408 trillion after the addition of $31.11 billion in the week ended Oct. 29. That compares to the prior week when the arrival of $35.90 billion boosted total net assets to $2.377 trillion.

The average, seven-day simple yield for the taxable money funds also remained at 0.01%, while the average maturity remained at 48 days.

The combined total net assets of the 1,437 weekly reporting money funds increased to $2.671 trillion after $30.23 billion of inflows in the week ended Oct. 29. In the previous week total net assets rose to $2.640 trillion after $34.64 billion of new cash entered the industry.

For reprint and licensing requests for this article, click here.
Buy side
MORE FROM BOND BUYER