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.

The average, seven-day simple yield remained at 0.01% for the eighth week straight, while the average maturity remained at 30 days.

Among the 1,080 taxable money funds, inflows of $18.59 billion caused total net assets to rise to $2.259 trillion in the week ended July 24, compared to the week before when outflows of $21.80 billion caused total net assets to settle at $2.240 trillion.

The average, seven-day simple yield of the taxable funds dipped to 0.02%, ending a 24-week run at 0.03%, while the average maturity remained at 45 days.

Overall, the 1,518 reporting money funds gained $17.63 billion during the week ended July 24 as total net assets settled at $2.531 trillion. That compares to outflows of $23.82 billion in the previous week when total net assets settled at $2.512 trillion.

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