Tax-exempt money market fund assets took another noticeable dip during the week ending Sept. 1, suffering a net decline of $6.28 billion to settle at $514.3 billion, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
It was the second week in a row that the 553 funds declined. Last week, they lost $7.81 billion and settled at $520.5 billion - slipping below the previous week's all-time record high of $528.3 billion, according to the report.
This week, the tax-exempt and municipal funds' average seven-day yield climbed 13 basis points to 1.34% from 1.21%, while the average maturity remained unchanged at 31 days.
Meanwhile, the 1,310 taxable money market funds lost $5.1 billion this week, ending at $2.992 trillion, compared to last week when they netted an all-time high of $2.997.
The combined assets of the 1,863 money market funds in the report decreased by $11.34 billion, dipping slightly to $3.506 trillion from last week when the funds maintained a record high of $3.52 trillion for the second steady week in a row.