A short-lived period of inflows came to a swift end as tax-exempt money market funds suffered losses of $2.17 billion and total net assets settled at $276.62 billion in the week ended March 11, according to The Money Fund Report, a service of iMoneyNet.com.
That compares to the prior week when just $17 million arrived into the tax-exempt money fund industry as total net assets settled at $278.79 billion – on the heels of net inflows of $424.80 million that arrived in the week ended Feb. 25 that temporarily ended a pattern of outflows.
The average, seven-day simple yield for the 431 tax-exempt money funds was unchanged at 0.01% from the prior week, while the average maturity remained at 31 days.
In the taxable money market, the total net assets of the 1,034 reporting funds fell by $6.93 billion to $2.348 trillion in the week ended March 12.
The average, seven-day simple yield for the taxable funds was also unchanged at 0.02% from the previous week, while the average maturity increased by one day to 49 days.
Overall, the combined assets of the 1,465 reporting money funds declined by $9.09 billion to $2.624 trillion in the week ended March 12, versus the prior week when $17.67 billion of outflows caused total net assets to settle at $2.355 trillion.