Money market fund assets fell by $25.22 billion to $3.764 trillion in the week ended June 3, the Investment Company Institute said.
Retail fund assets fell by $9.8 billion to $1.258 trillion. In this category, taxable funds fell by $9.99 billion to $984.76 billion. Tax-exempt funs assets rose by $184 million to $273.88 billion.
Institutional fund assets fell by $15.41 billion to $2.505 trillion, with taxable money market fund assets dropped by $15.39 billion to $2.315 trillion. In this category, institutional tax-exempt fund assets fell by $20 million to $190.02 billion.
The seven-day average yield on money market funds is now 15 basis points, down from 16 basis points the week before, according iMoneynet. The 30-day average yield now stands at 17 basis points, also down one basis point from 18 BPS the week before.
For compound yields, yields are the same for both seven-day and 30-day funds.