Investors started moving cash off the sidelines and back into equities, as witnessed by a $22.15 billion drop to $3.834 trillion in total money market mutual fund assets for the week ending April 1, according to the Investment Company Institute.
Total retail money market fund assets fell $11.01 billion to $1.340 trillion. Among retail funds, taxable funds fell $9.58 billion to $1.054 trillion and tax-exempt assets fell $1.43 billion to $285.97 billion.
Institutional money fund assets fell $11.14 billion to $2.494 trillion during the same period. Among institutional funds, taxable assets fell $12.21 billion to $2.301 trillion, while tax-exempt assets rose $1.07 billion to $192.59 billion.
The seven-day average yield on money market funds fell from 0.24% to 0.23% for the week ending March 31, according to iMoneyNet Inc.'s Money Fund Report. The 30-day average yield fell from 0.27% to 0.25%.
The seven-day compounded yield also fell from 0.24% to 0.23%, and the 30-day compounded yield fell from 0.27% to 0.25%.
The average maturity on money fund portfolios fell from 50 days to 48 days.