Tax-exempt money market funds experienced sizable outflows for the second week in a row as investors withdrew $2.22 billion in the week ended Sept. 19 and total net assets dropped to $292.11 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The outflows followed a $2.63 billion loss in the week ended Sept. 12, when total net assets dropped to $294.33 billion. The week before, the funds added $1.70 billion of cash, putting assets at $296.96 billion.
This week, the average seven-day yield for the 476 tax-exempt money funds reporting remained 0.01% for the third week in a row, while the average maturity increased two days, to 33 days.
Meanwhile, total net assets of the 1,119 taxable money funds reporting fell to $2.301 trillion after losing a whopping $25.96 billion in the week ended Sept. 20. Last week, the funds gained $7.46 billion and ended with $2.327 trillion in total net assets.
The average seven-day yield for the taxable funds was unchanged at 0.02% for the eighth consecutive week, while the average maturity increased to 40 days from 39 days.
Overall, the combined assets of the 1,595 reporting money funds declined by $28.18 billion to $2.593 trillion in the week ended Sept. 20. The previous week saw the funds gain $4.82 billion and finish with $2.621 trillion.
