Money market mutual fund assets ended their record climb, falling $28.95 billion to settle at $3.893 trillion for the week ending Jan. 21, according to the Investment Company Institute.
Total retail money market mutual fund assets fell $4.9 billion to $1.359 trillion. Among retail funds, taxable assets fell $1.88 billion to $1.057 trillion, and tax-exempt assets also fell $3.02 billion to $301.77 billion.
Assets of institutional money market funds fell $24.04 billion to $2.534 trillion during the same period. Among institutional funds, taxable assets fell $21.97 billion to $2.342 trillion, and tax-exempt assets fell $2.07 billion to $192.04 billion.
The seven-day average yield for money market mutual funds fell from 0.60% to 0.55% for the week ending Jan. 20, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield also fell from 0.73% to 0.66%.
The seven-day compounded yield fell from 0.61% to 0.55%, while the 30-day compounded yield fell from 0.73% to 0.67%.
The average maturity of portfolios held by money funds remained unchanged at 48 days.