Tax-exempt money market funds had outflows of $314.7 million in the week ended June 24, decreasing total net assets to $261.48 billion, according to The Money Fund Report, a service of iMoneyNet.com.
The losses erased part of the prior week's $819.6 million inflow, which increased total net assets to $261.79 billion, and continued a pattern of outflows. The funds have lost $3.87 billion since May 13, after hemorrhaging $17.21 billion in the four-week tax season starting April 1.
This week, the average, seven-day simple yield for the 423 reporting tax-exempt funds was unchanged at 0.01% for the eighth consecutive week, while the average maturity remained at 31 days.
Among the 1,027 reporting taxable money funds, $8.49 billion of inflows boosted total net assets to $2.315 trillion in the week ended June 25. That compares to the previous week when $26.65 billion flowed out of the industry and total net assets dropped to $2.306 billion.
The average, seven-day simple yield for the taxable money funds remained at 0.01% for the sixth week straight, while the average maturity increased by one day to 49 days compared to the prior week.
Overall, the combined assets of the 1,450 reporting money funds grew for the first time in two weeks, adding $8.17 billion to settle at $2.576 trillion in the week ended June 25, versus the prior week when a whopping $25.83 billion exited the funds and total net assets plummeted to $2.568 trillion.
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