The assets of tax-exempt money market funds declined by $2.70 billion and settled at $417.89 billion for the week ending Oct. 19, according to the Money Fund Report, a service of iMoneyNet.com.

Last week, the funds saw outflows of $3.06 billion and settled at $420.59 billion in assets for the week ending Oct. 12.

For a second week in a row, the average seven-day simple yield for the 505 tax-exempt funds in the report remained at 0.05%, matching the all-time low set on Sept. 14. The average maturity declined to 32 days from 33 days.

Also this week, The Bond Buyer’s one-year note index reached an all-time low of 0.54%. It is the lowest level since the index began on July 12, 1989.

Meanwhile, among the 1,177 taxable money market funds in the iMoneyNet report, assets declined by $38.04 billion to $2.92 trillion, down from last week when they lost $19.42 billion and settled at $2.95 trillion in total assets.

This week, the average seven-day simple yield for all taxable money market funds remained at a record low of 0.05% for the fourth week in a row.

The combined assets of the 1,682 money funds in the report fell by $40.74 billion for the week ending Oct. 20, dropping to $3.339 trillion. For the week ending Oct. 13, the funds experienced outflows of $22.48 billion, dropping total assets to $3.38 trillion.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.