Tax-exempt money market funds recouped about half of last week’s losses when they added $1.2 billion of new cash and total net assets inched up to $290.69 billion in the week ended Feb. 20, according to the Money Fund Report, a service of iMoneyNet.com.
By comparison, last week $2.44 billion exited the funds and total net assets ended at $289.48 billion, continuing the erratic pace that tax-exempt money funds have followed since the beginning of the year.
This week, the average, seven-day simple yield for the 455 reporting tax-exempt funds remained at 0.01% for the 25th week in a row, while the average maturity was unchanged at 29 days.
Meanwhile, the total net assets of the 1,107 taxable reporting money funds lost $6.94 billion as total net assets fell to $2.336 trillion in the week ended Feb. 21, following a week that saw $1.25 billion of inflows that boosted assets to $2.343 trillion.
The seven-day yield for the taxable funds remained at 0.03%, while the average maturity was unchanged at 46 days.
Overall, the combined assets of the 1,562 money funds in the report decreased by $5.74 billion to $2.626 trillion in the week ended Feb. 21. The week before saw total assets decline by $1.19 billion and finish with $2.633 trillion, according to the report.