Tax-exempt muni money market funds ushered in the first full week of the year with $5.80 billion of new cash — its sixth week of positive inflows — as total net assets grew to $296.57 billion in the week ended Jan. 9, according to iMoneyNet.com.
In the previous week, the funds garnered $857 million of new cash as total net assets rose to $290.77 billion.
This week, the average seven-day simple yield for the 456 reporting tax-exempt funds was unchanged at 0.01% for the 19th week straight, while the average maturity fell to 30 days from 32 the previous week.
Meanwhile, the assets of the 1,114 reporting taxable money funds amassed $26.57 billion in new cash and total net assets grew to $2.384 trillion in the week ended Jan. 10. That compares to $23.34 billion of outflows the week before, when the funds fell to $2.357 trillion.
The seven-day yield for the taxable money funds remained at 0.02% for the 24th week, while the average maturity increased to 43 days from 41 in the previous week.
Overall, the combined the assets of the 1,570 reporting money funds gained $32.36 billion and total net assets rose to $2.680 trillion in the week ending Jan. 10.
The inflows reversed last week’s activity, when investors yanked $22.48 billion and the funds settled with $2.648 trillion.