Outflows from tax-exempt money market funds continued for a second straight week as investors yanked $2.09 billion  and total net assets dropped to $301.18 billion in the week ending July 25, according to the Money Fund Report, a service of iMoneyNet.com.

The outflows are more than double the $798 million that came after two weeks of inflows and left the funds with $303.27 billion in the week ending July 18.

The average seven-day simple yield for the 477 reporting tax-exempt funds remained at 0.01% for the fourth week in a row, while the average maturity increased one day to 29 days.

On the taxable side, outflows of $16.20 billion dropped total net assets to $2.33 trillion in the week ending July 26, substantially less than the $26.42 billion of outflows that pushed assets down to $2.346 trillion the week before.

The seven-day yield for the 1,131 taxable funds in the report remained at 0.01% for the third consecutive week, while the average maturity decreased one day to 39 days.

Overall, the combined assets of the 1,608 money funds in the report fell by $18.29 billion and settled with $2.631 trillion for the week ending July 26. That followed $27.22 billion of outflows the week before when the funds closed with $2.649 trillion.

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