Yields on taxable money market funds remained mired at record lows in the week ended April 29, according to Money Fund Report. This prompted investors to pull almost $24 billion in cash from the funds, Reuters reports.
The average seven-day simple and compound yields on taxable money funds were unchanged at 0.71%, according to Money Fund Report, published by iMoneyNet. For tax-free money funds, the average seven-day simple and compound yields rose to 0.77% from 0.69% a week earlier.
Money fund yields track the Federal Reserve's key lending rate, now at a four-decade low of 1.25%.
Total taxable assets fell by about $23.7 billion to $1.85 trillion, while tax-free fund assets declined by $3.6 billion to $284.5 billion. Overall fund assets fell by $27.3 billion to $2.13 trillion.