After recouping recent losses and ending a five-week trend of outflows, tax-exempt money market funds lost $2.50 billion for the week ended Oct. 17, as total net assets dropped to $288.10 billion, according to the Money Fund Report, a service of

The significant outflows arrived on the heels of $2.09 billion of inflows last week, which left assets at $290.61 billion. Last week was the first in over a month in which the funds had inflows, according to iMoneyNet.

This week the average seven-day simple yield for the 472 tax-exempt reporting funds was unchanged at 0.01% for the seventh consecutive week. The average maturity was also unchanged at 34 days.

Meanwhile, the 1,119 taxable reporting funds saw a generous $3.58 billion increase in cash, which drove assets up to $2.319 trillion in the week ended Oct. 18.

The inflows were a marked improvement from the previous week, when the funds had just $848.4 million of inflows and total net assets settled at $2.315 trillion.

The average seven-day simple yield for the taxable funds remained at 0.02% for the 12th week straight, while the average maturity increased by one day to 41.

Overall, the 1,591 reporting money funds added $1.08 billion of cash and finished with $2.607 trillion of assets in the week ended Oct. 18. The previous week finished with $2.94 billion of inflows and $2.605 trillion of assets.

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