Tax-exempt money market fund assets declined by $7.27 billion for the week ending April 21 - nearly triple the outflows that they lost the prior week ahead of the income tax deadline, according to the Money Fund Report, a service of imoneynet.com.
The 547 tax-exempt funds ended the week with total assets of $494.7 billion, compared with $501.97 billion the previous week when they lost just $2.85 billion, according to the report.
The average yield of the funds rose by 20 basis points to 1.64% from 1.44% the week before, while the average maturity decline to 25 days from 26 days.
At the same time, the 1,286 taxable mutual funds gained $8.90 billion, causing total assets to end the week at $2.956 trillion, rebounding from the prior week when the taxable funds lost a whopping $38.3 billion and declined to $2.947 trillion.
Overall, the 1,833 money market mutual funds in the report gained some traction, generating inflows of $1.63 billion and settling at $3.45 trillion in assets, compared with the previous week when the funds declined by $41.18 billion and ended at $3.449 trillion, the report said.
