Tax-exempt money market funds saw withdrawals for a second week in a row. Total net assets fell by $1.34 billion to $292.40 billion in the week ended Jan. 23, according to the Money Fund Report, a service of iMoneyNet.com.
Last week brought with it the end of a month-long trend of inflows for tax-exempt money market funds, as investors pulled $2.82 billion from the sector and total net assets dropped to $293.75 billion.
The average seven-day simple yield for the 456 tax-exempt funds in the report remained at 0.01% for the 21st week in a row, while the average maturity declined by one day to 29 days.
The assets of the 1,111 taxable money funds reporting this week fell by $1.19 billion and settled at $2.362 trillion. The previous week saw $20.29 billion yanked from the funds as assets ended with $2.364 trillion.
The seven-day yield for the taxable money funds remained unchanged at 0.02% for the 26th consecutive week, while the average maturity remained unchanged at 44 days.
Overall, the combined assets of the 1,567 reporting money funds fell by $2.54 billion to $2.655 trillion in the week ended Jan. 24. Last week, by comparison, total net assets dropped by $23.11 billion and settled at $2.657 trillion.