Following a one-week blip of outflows last week, tax-free money market funds returned to positive territory for the week ending June 9, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.
The 548 funds in the report took in $3.62 billion to settle at $517.4 billion, compared with $7.21 billion of outflows last week that broke a month-long streak of significant inflow activity and record high asset levels, and at the same time caused assets to drop to $513.7 billion.
The average seven-day yield for the funds dropped 11 basis points to 1.20% from 1.31%, while the average maturity increased to 22 days from 21 days.
The 1,297 taxable funds in the report, meanwhile, gained $2.24 billion of inflows to rise to $2.973 billion for the week ending June 10. In the prior week, they swelled by $11.35 billion, ending at $2.970 trillion.
Overall, the 1,845 funds ended the week with $3.49 trillion in total assets after seeing inflows of $5.85 billion, compared with inflows of $4.13 billion and total assets of $3.484 trillion last week.