Tax-exempt money market funds continued to bleed cash as investors withdrew $972.6 million and total net assets declined to $306.73 billion in the week ended June 20, according to the Money Fund Report, a service of iMoneyNet.com.
The previous week saw tax-exempt money funds fall $1.84 billion to $307.71 billion.
The average seven-day yield for the 477 tax-exempt money market funds remained at 0.02% for a sixth week straight, while the average maturity increased by one day to 25 days.
Meanwhile, the assets of the 1,134 taxable funds in the Money Fund Report declined by $26.52 billion and finished with $2.372 trillion for the week ending June 21, more than double the previous week’s losses.
The substantial outflows compare to last week when the taxable funds lost $10.36 billion and settled with $2.398 trillion in total net assets.
The average seven-day yield for the taxable funds remained steady at 0.02% for the 12th consecutive week, while the average maturity declined by one day to 43 days.
Overall, the combined assets of the 1,611 funds reporting declined by $27.50 billion as total assets fell to $2.679 trillion for the week ended June 21. That was more than twice as much as the previous week, when assets shrank by $12.20 billion and finished with $2.706 trillion.