Though outflows from tax-exempt money market funds were noticeably lower this week than last, they continue to erode the bounty of more than $4 billion that the funds generated just two weeks ago, according to the Money Fund Report, a service of iMoneyNet.com.

The 438 reporting tax-exempt money funds lost $959.9 million and total net assets decreased to $271.71 billion in the week ended July 23. That was a far cry from the $2.03 billion that escaped the week before and pushed net assets down to $272.67 billion, but continued to chip away at the whopping $4.64 billion they reeled in the week ended July 9 — the second largest positive flows since January.

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