With outflows totaling $5.94 billion, tax-exempt money market funds settled at $468.57 billion in total assets for the week ending April 27, according to the Money Fund Report, a service of iMoneyNet.com.
That activity is similar to last week’s when tax-exempt funds saw outflows of $6.96 billion and ended at $474.50 billion in assets for the week ending April 20.
Meanwhile, the average seven-day simple yield for the 508 tax-exempt funds in the report this week inched up three basis points to 0.34%, while the average maturity remained the same at 24 days.
Taxable funds declined by $7.37 billion to $3.263 trillion in total assets for the week ending April 28, which was significantly less than the outflows of $21.36 billion which caused the funds to settle at $3.270 trillion for the week ending April 21.
While the federal funds target range remains at between zero and 0.25%, the average seven-day simple yield for the 1,197 taxable funds in the report continued to decline — albeit by just one basis point — to 0.19% compared with 0.20% in the prior week.
Overall, the combined assets of the 1,705 funds in the report fell by $13.31 billion and settled at $3.732 trillion — just slightly less than the all-time high of $3.849 trillion, which was set during the week ending Jan. 13. All funds had combined assets of $3.745 trillion after they suffered outflows of $28.32 billion for the week ending April 21.