Tax-Exempt Outflows Reach $2.85 Billion

Ahead of the April 15 income tax deadline this week, tax-exempt money market funds suffered outflows to the tune of $2.85 billion for the week ending April 14, according to the Money Fund Report, a service of imoneynet.com.

The loss caused total assets to fall to $501.97 billion, down from the previous week's record high of $504.83 billion after taking in $11.47 billion and surpassing the $500 billion threshold for the first time ever.

The average, seven-day yield for the 546 funds in the report dropped 14 basis points to 1.44% from 1.58%, while the average maturity remained unchanged at 26 days.

Taxable money market funds, meanwhile, lost $38.3 billion for the week ending April 15, causing total assets to decline to $2.947 trillion from a record $2.985 trillion the prior week.

Overall, the industry's 1,824 money market funds in the report lost $41.18 billion, dropping to $3.449 trillion in assets, down from $3.490 trillion the prior week, according to the report.

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