Tax-exempt money market funds lost $1.44 billion in the week ending June 28, settling at $350.9 billion, according to the Money Fund Report, a service of iMoneyNet.com.

The outflows followed a brief and modest bounce-back the previous week with $485.3 million of new cash moving into the funds two days ahead of the Federal Open Market Committee’s decision to hold the federal funds target rate in a range between zero and 0.25% for an “extended period.” Last week’s slight recovery followed outflows of nearly $3 billion in the week ending June 14.

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