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.

The average seven-day simple yield for the 496 reporting tax-exempt funds remained at 0.05% for the second week in a row, while the average maturity increased to 26 days from 25 days.

Meanwhile, taxable funds in the report grew for the second consecutive week. The 1,171 reporting taxable funds took in $11.05 billion and finished the week ending June 29 with $2.45 trillion.

Taxable funds began their rebound the week before with inflows of $5.90 billion, bringing total assets to $2.43 trillion and helping recover one-fifth of the $25.73 billion of outflows from the week ending June 15.

The average seven-day simple yield for taxable funds held steady at 0.04% for the third week in a row.

Overall, the combined assets of the 1,667 money market funds in the report rose $9.61 billion to $2.79 trillion in the week ending June 29. That compares with a gain of $6.38 billion the previous week, when total assets settled at $278 trillion.

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