Negative flows continue to haunt tax-exempt money market funds, as $1.13 billion escaped the industry and total net assets settled at $270.28 billion in the week ended June 25, according to The Money Fund Report, a service of iMoneyNet.com.
The outflows topped the $801.2 million that fled the tax-exempt market last week when total net assets ended at $271.40 billion.
The average, seven-day simple yield for the 438 reporting tax-exempt funds remained at 0.01% for the fourth week, while the average maturity remained at 28 days.
Meanwhile, taxable money funds took in $16.70 billion and finished at $2.262 trillion in the week ended June 26, which compares to the prior week when the funds lost $27.4 billion and total net assets settled at $2.245 trillion.
The average, seven-day simple yield for the 1,078 taxable reporting funds remained at 0.03% for the 21st consecutive week, while the average maturity decreased to 45 days from 46 last week.
Overall, the combined assets of the 1,516 reporting money funds gained $15.58 billion and settled at $2.532 trillion in the week ended June 26. That compares to last week when the funds settled at $2.516 trillion after the funds suffered outflows of $28.20 billion.