Tax-exempt money market funds continued their seesaw between inflows and outflows the week ending July 12, declining $1.89 billion to settle at $352.19 billion in total net assets, according to the Money Fund Report, a service of iMoneyNet.com.
The outflow occurred after $3.19 billion of cash flowed into tax-exempt funds during the week ending July 5. That gain was more than double the amount of money that left the funds the week ending June 28, when they finished with $354.08 billion in total net assets.
This week, the 493 reporting tax-exempt funds saw their average, seven-day simple yield drop to 0.03% from 0.04%, while the average maturity was unchanged at 28 days.
Among the 1,149 reporting taxable funds, total net assets gained $14.12 billion to settle at $2.45 trillion for the week ending July 13. That compares to outflows of $4.10 billion for the week ending July 6 that brought assets to $2.44 trillion.
Meanwhile, the average, seven-day simply yield for the taxable funds remained at 0.04% for the fourth consecutive week.
Overall, the combined assets of the 1,642 money funds in the report gained $12.23 billion of cash and settled with $2.80 trillion for the week ending July 13. That compares with outflows of just $909.7 million the previous week, when the funds finished at $2.79 trillion in total net assets.