Outflows among tax-exempt money market funds caught fire in the week ended Nov. 28, as $1.56 billion exited the funds and total net assets decreased to $284.67 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The huge decline dwarfed the previous week, when just $150 million trickled out and assets settled at $286.23 billion.
Overall, the average seven-day simple yield for the 472 tax-exempt reporting funds remained at 0.01% for the 13th consecutive week, while the average maturity decreased by one day to 33.
Meanwhile, the 1,119 taxable money funds saw inflows of $19.21 billion, boosting assets to $2.355 trillion in the week ended Nov. 29.
The inflows are more than double the $9.29 billion that entered the taxable market last week, when total net assets settled at $2.336 trillion.
The seven-day yield for the taxable funds was unchanged at 0.02% for the 18th week straight, while the average maturity decreased by one day to 43.
The combined assets of the 1,591 reporting money market funds grew by $17.65 billion in the week ended Nov. 29 as total net assets rose to $2.640 trillion, up from the week before when $9.28 billion of inflows lifted assets to $2.622 trillion.