Outflows among tax-exempt money market funds more than erased the inflows they gained last week as $1.06 billion fled the industry and total net assets dipped to $266.89 billion in the week ended Aug. 26, according to The Money Fund Report, a service of iMoneyNet.com.
Last week, the funds gained $1.02 billion as total net assets rose to $267.95 billion.
The average, seven-day simple yield for the 421 reporting tax-exempt money funds was unchanged at 0.01%, while the average maturity also remained at 37 days.
The 1,018 taxable reporting money funds added inflows of $16.74 billion in the week ended Aug. 27 as total net assets rose to $2.363 trillion. That compares to the prior week when total net assets increased to $2.346 trillion after the arrival of $3.08 billion of inflows.
The average, seven-day simple yield for the taxable funds held at 0.01%, while the average maturity decreased by one day to 47 days.
The combined total net assets of the 1,439 reporting money funds had the largest weekly increase since January as inflows of $15.68 billion brought total net assets to $2.630 trillion in the week ended Aug. 27. In the previous week, inflows of $4.10 billion boosted total net assets to $2.614 trillion.