For the second week in a row, tax-exempt money market funds suffered outflows for the week ending Feb. 25, according the Money Fund Report, a service of imoneynet.com.
The 549 tax-free funds in the report this week lost $6.06 billion, leaving them with $475.57 billion in total assets, down from $481.63 billion the prior week, when the outflow was significantly higher - $10.41 billion.
The average seven-day yield for the tax-free funds included in the report was 1.90%, up 49 basis points from 1.41% the week before, while the average maturity was 28 days, down one day from the prior week.
Meanwhile, the 1,272 taxable funds accumulated a record-breaking $2.898 trillion thanks to a $25.71 billion increase in total assets. In the previous week, taxable funds totaled $2.872 trillion.
Overall, the universe of 1,821 money market funds tracked in the report experienced a record-setting week. The funds reached a high of $3.373 trillion of total assets, as the amount of money in all money market funds rose by $19.65 billion, breaking the previous record for all funds of $3.354 trillion that was set on Feb. 19, according to the report.
