Tax-exempt money market funds experienced outflows of $3.25 billion in the week ending July 19, nearly double the losses recorded the previous week, according to the Money Fund Report, a service of iMoneyNet.com.

Total net assets dropped to $348.94 billion. The average seven-day simple yield for the 494 tax-exempt money funds moved up to 0.04% from 0.03% the week before, while the average maturity was unchanged at 28 days.

That compares with an outflow of $1.89 billion from the tax-exempt money market in the week ending July 12, when net assets fell to $352.19 billion.

The 1,151 taxable funds recorded outflows of $28.81 billion in the week ending July 20, when total net assets settled at $2.42 trillion. At the same time, the average seven-day simple yield for the taxable funds remained at 0.04% for the fifth week in a row.

That compares with the previous week’s inflows of $14.12 billion for taxable money funds, which finished with total net assets of $2.45 trillion in the week ending July 13.

Overall, the combined total net assets of the 1,645 money funds in the latest report slipped to $2.77 trillion following outflows of $32.06 billion during the week ending July 20. That compares with  gains of $12.23 billion the week before, when all money funds settled at $2.80 trillion.

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