Investors continued to seek safety in cash as money market mutual fund assets crept closer to $4 trillion, rising $17.94 billion for the week ending March 4 to $3.906 trillion, according to the Investment Company Institute.
Retail money market funds rose $10.81 billion to $1.354 trillion. Among retail funds, taxable assets increased $10.375 billion to $1.064 trillion, while tax-exempt assets added $428 million to reach $290.19 billion.
Institutional money market fund assets rose $7.03 billion to $2.552 trillion during the same period. Among institutional funds, taxable assets rose $5.2 billion to $2.361 trillion, while tax-exempt assets rose $1.83 billion to $190.34 billion.
The seven-day average yield continued its fall, dropping from 0.34% to 0.32%, and the 30-day average yield fell from 0.39% to 0.36%, according to iMoneyNet Inc.'s Money Fund Report.
The seven-day compounded yield also fell from 0.34% to 0.32%, and the 30-day compounded yield fell from 0.39% to 0.36%.
The average maturity of money fund portfolios held steady at 49 days.