The influx of cash into tax-free money market funds last week proved to be short-lived as assets fell $914.9 million to $309.04 billion for the week ended May 16, according to the Money Fund Report, a service of

That is in stark contrast to the previous week’s activity, which ended a trend of outflows when a hefty $3.33 billion flowed into the money-fund industry and pushed total net assets to $309.95 billion for the week ended May 9.

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