Tax-exempt money market funds continued to lose cash for a second week in a row as total net assets decreased by $679 million to $266.74 billion in the week ended Oct. 22, according to The Money Fund Report, a service of iMoneyNet.com.
The outflows compare to last week when $2.49 billion escaped the industry – after two weeks of inflows -- and total net assets settled at $267.42 billion.
The average, seven-day simple yield for the 438 reporting tax-exempt funds remained at 0.01% for the 21st week in a row, while the average maturity remained at 38 days.
Meanwhile, the 1,058 reporting taxable money funds grew by $6.78 billion to $2.292 trillion in the week ended Oct. 23, which compares to last week when $13.11 billion of inflows saw total net assets increase to $2.285 trillion.
The average, seven-day simple yield dropped by one basis point to 0.02% compared to the previous week, while the average maturity remained at 49 days.
Overall, the combined total net assets of the 1,496 money funds reporting increased by $6.10 billion as total net assets rose to $2.559 trillion in the week ended Oct. 22. That compares to the prior week when the arrival of $10.62 billion of inflows saw total net assets increase to $2.253 billion.