Tax-free money market funds continued to seesaw during the week ending Aug. 30, declining $2.84 billion to $337.91 billion in total assets on the heels of nearly $600 million the previous week, according to the Money Fund Report, a service of iMoneyNet.com.
Outflows subsided to $597.3 million last week when total hit $340.75 billion. That followed a $4.99 billion hemorrhaging in the week ending Aug. 16 when total assets settled at $341.34 billion.
The iMoneyNet average seven-day simple yield for the 492 tax-exempt money funds held steady at 0.04% for the second week in a row, while the average maturity increased to 30 days from 29 days.
Meanwhile, the total assets of the 1,146 taxable funds in the report this week fell $1.13 billion to $2.466 trillion. That decline followed a rebound of $11.67 billion in the week ending Aug. 24, when the funds settled with $2.467 trillion.
The iMoneyNet money fund average, seven-day simple yield remained at 0.04% for the 11th consecutive week.
Overall, the combined assets of the 1,638 funds in the report fell $3.97 billion in the week ending Aug. 31 to $2.804 trillion. That compares with a rebound of $11.07 billion to $2.808 trillion in total assets the previous week — more than double the $4.58 billion of outflows that drained total assets to $2.79 trillion the week ending Aug. 17.