After a two-week slump, tax-exempt money market funds were back in positive territory during the week ending Sept. 8, taking in $9.84 billion of inflows to settle at $524.12 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
Last week, the funds posted their second consecutive week of outflows, as they suffered a decline of $6.28 billion to settle at $514.3 billion for the week ending Sept. 1. There were 553 funds in the report this week and last.
The average seven-day yield of all tax-exempt and municipal money market funds fell by 12 basis points to 1.22% from 1.34%, according to the report, while the average, seven-day maturity decreased by one day to 30 days.
The 1,309 taxable funds, meanwhile, hit an all-time record of $3.011 trillion during the week ending Sept. 9, edging beyond the previous record of $2.997 trillion set on Aug. 26. Last week, taxable funds lost $5.1 billion, ending at $2.992 trillion.
Overall, the 1,862 money market funds in the report experienced inflows of $29.3 trillion during the week ending Sept. 9, which pushed total assets to a record $3.535 trillion - surpassing the previous record of $3.518 trillion achieved on Aug. 19. Last week, by comparison, all funds ended at $3.506 trillion after suffering outflows of $11.34 billion.
