Tax-exempt money market funds declined by more than double the modest and short-lived inflows they enjoyed last week as $2.75 billion poured out and total net assets dropped to $323.03 billion for the week ended Feb. 28, according to the Money Fund Report, a service of iMoneyNet.com.
In stark contrast, tax-exempt funds generated $1.14 billion of inflows in the week ended Feb. 21 and finished with $325.79 billion in total net assets.
The iMoneyNet money fund average seven-day simple yield for the 478 reporting tax-free funds in the money market fund report remained at 0.03%, while the average maturity declined by two days to 28 days.
Among the 1,124 taxable money market funds reporting, total net assets inched up to $2.391 trillion following the inflow of $1.25 billion in new cash for the week ended March 1.
Last week the taxable funds closed with $2.390 trillion after suffering outflows of $6.37 billion the week before.
The average seven-day yield for the taxable funds also remained unchanged at 0.03%, while the average maturity declined by one day to 45 days.
Overall, the combined assets of the 1,602 money funds reporting decreased by $1.5 billion and settled with total net assets of $2.715 trillion for the week ended March 1.
The previous week saw outflows of $5.22 billion, which caused the funds to close with $2.716 trillion in total net assets.
