Tax-exempt money market funds rebounded slightly the week ending June 21 to post inflows of $485.3 million after losing nearly $3 billion in the prior reporting period, according to the Money Fund Report, a service of iMoneyNet.com. The influx caused total assets to rise to $352.34 billion from $351.84 billion.
The inflows arrived two days before the Federal Open Market Committee’s decision to hold the federal funds target rate in a range between zero and 0.25% for an “extended period,” and on the heels of last week’s $2.94 billion of outflows.
The average seven-day simple yield for the 496 tax-exempt reporting funds increased one basis point, to 0.05% from 0.04%, while the average maturity increased to 25 days from 24 days. The gain is the first in six weeks for the yield, which had been pegged at 0.04% the prior five weeks.
The 1,174 taxable funds experienced a more pronounced rebound as $5.9 billion poured in, causing them to finish with $2.434 trillion for the week ending June 22. The average, seven-day simple yield remained unchanged at 0.04%.
The week’s inflows helped taxable funds recover a fifth of the prior week’s $25.73 billion of outflows, ending with $2.43 trillion in total assets.
Overall, the combined assets of the 1,670 reporting funds rebounded by $6.38 billion and settled at $2.787 trillion for the week ending June 22. The combined assets of all funds in the report ended the week of June 15 with $2.780 trillion after losing $28.67 billion.