Outflows of $2 billion caused tax-exempt money market funds to decline to $409.57 billion for the week ending Nov. 16, according to the Money Fund Report, a service of iMoneyNet.com.

By comparison, tax-exempt money market funds dipped by just $649.8 million and settled at $411.57 billion in total assets for the week ending Nov. 9.

Meanwhile, the 1,175 taxable money market funds in the report fell by $6.01 billion to $2.882 trillion for the week ending Nov. 17. The outflows were about half of what taxable funds lost for the week ending Nov. 10, when assets declined by $12.48 billion to $2.888 trillion.

The average, seven-day simple yield for both the tax-exempt and taxable money funds remained at a record low of 0.04% — for the second week in a row for tax-exempt funds and the fourth week in a row for the taxable funds, according to the report.

The average maturity for the tax-exempt funds remained unchanged at 32 days, while the average maturity for the taxable funds declined to 53 days from 54 days.

Overall, the combined assets of the 1,680 funds in the report decreased by $8.01 billion and settled at $3.292 trillion for the week ending Nov. 17, compared with last week when they fell by $13.13 billion and closed with $3.299 trillion in total assets.

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