In another week of hefty outflows from money market funds, investors withdrew $2.74 billion out of their tax-exempt accounts, leaving behind $367.33 billion in total assets for the week ending March 29, according to the Money Fund Report, a service of iMoneyNet.com.
The previous week, tax-exempt money funds lost $2.03 billion and settled at $370.07 billion, following the historic $4.93 billion of outflows the week before.
The average seven-day simple yield for the 496 funds reporting last week rose by one basis point to 0.04%, while the average maturity was unchanged at 27 days.
In the taxable money market, the 1,164 funds reporting saw outflows of $32.68 billion and ended with $2.585 trillion in total assets. That was way off from the previous week, when the funds lost just $1.04 billion and settled at $2.618 trillion in total assets. The week before that saw $70.70 billion of outflows — the third largest one-week decline in history.
The average seven-day simple yield for taxable funds remained in record-low territory at 0.02% for the eighth consecutive week.
Overall, the combined assets of the 1,660 money funds reporting dropped by $35.42 billion and settled at $2.953 trillion for the week ending March 30, compared with last week, when the funds lost $3.08 billion and finished with $2.988 trillion.
