Tax-Exempts See Small Inflow of $83 Million

Tax-exempt money market funds managed to continue their upward growth for the week ending June 16, though they saw significantly lower inflows than last week, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Conn.

The 549 funds reporting this week gained just $82.6 million, which caused assets to reach $517.45 billion. Last week's assets totaled $517.37 billion after the funds accumulated $3.62 billion of inflows.

The average seven-day yield for the municipal funds declined by 14 basis points to 1.34% from 1.20% during the cycle, while the average maturity increased by one day to 23 days from 22.

Meanwhile, the 1,302 taxable money market funds saw outflows of $56.01 billion and closed the week of June 17 with $2.917 trillion. The previous week, the funds gained $2.24 billion, rising to $2.973 trillion.

The assets of all the 1,851 money market funds in the report plummeted by $55.9 billion, causing assets to settle at $3.434 trillion, according to the report. That compares to last week when all money market funds took in $5.85 trillion of inflows and ended with $3.490 trillion in assets.

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