The total assets of tax-exempt money market funds dipped slightly to $448.36 billion after experiencing outflows of $1.95 billion for the week ending July 27, according to the Money Fund Report, a service of iMoneyNet.com.

The outflows were noticeably less than the $4.48 billion the funds lost in week ending July 20, when they settled at $450.32 billion.

This week, the average seven-day simple yield for the 505 tax-exempt money market funds inched up by two basis points to 0.13% after spending the previous two weeks at a record-low of 0.11%. The average maturity, meanwhile, remained unchanged at 28 days for the third week in a row.

The 1,189 taxable funds, on the other hand, suffered outflows totaling $7.06 billion and settled at $3.144 trillion during the week ending July 28, while the average seven-day simple yield remained at the all-time low of 0.09% for the second week in a row. By comparison, taxable funds lost $10.82 billion and settled at $3.151 trillion for the week ending July 21.

Overall, the combined assets of the 1,694 money market funds in the report declined to $3.592 trillion after dropping by $9.02 billion for the week ending July 28, versus closing with $3.601 trillion in total assets after losing a whopping $15.30 billion for the week ending July 21.

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