Outflows slowed to $597.3 million the week ending Aug. 23 after hemorrhaging $4.99 billion the week before, according to the Money Fund Report, a service of iMoneyNet.com. Total assets declined slightly to $340.75 billion from $341.34 billion.
The iMoneyNet money fund average seven-day simple yield for the 493 tax-exempt funds reporting rose one basis point to 0.04%, while the average maturity increased to 29 days from 28.
Among the 1,150 taxable money funds, total assets rebounded by $11.67 billion and ended with $2.46 trillion for the week ending Aug. 24, following inflows of only $413.5 million the previous week, leaving the funds total assets at $2.45 trillion.
The average seven-day simple yield for the reporting taxable funds remained unchanged at 0.04% for the 10th consecutive week.
Overall, the combined assets of the 1,643 money funds in the report bounced back by $11.07 billion — more than double last week’s $4.58 billion outflow. The surge caused the funds to settle at $2.80 trillion for the week ending Aug. 24, up from $2.79 trillion the week before.