Outflows among tax-exempt money market funds resumed in the week ended May 27 as $1.84 billion fled the industry and total net assets settled at $257.43 billion, according to The Money Fund Report, a service of iMoneyNet.com.
The outflow offset the $906.5 million of inflows last week, when total net assets settled at $259.27 billion. It also brings the net outflow to $8.05 billion since April 29 -- traditionally the end of income tax season and the massive outflows that occur before and after the April 15 personal and corporate filing deadline.
The average, seven-day simple yield for the 423 tax-exempt reporting funds was unchanged from last week at 0.01%, while the average maturity increased two days to 29 days.
In the taxable market, $5.48 billion of inflows raised total net assets to $2.330 trillion in the week ended May 28. That compares with inflows of $14.15 billion the previous week, which boosted total net assets to $2.324 trillion.
The average, seven-day simple yield for the 1,026 taxable reporting funds remained at 0.01%, while the average maturity decreased by one day to 47 days.
Overall, the combined total net assets of the 1,449 reporting money funds increased by $3.64 billion to $2.587 trillion in the week ended May 28, versus the prior week when total net assets ended with $2.583 trillion following $15.06 billion of inflows.