After seeing positive flows in the earlier part of the month, tax-exempt money market funds continued their downward slope albeit to a lesser degree than last week as they reported outflows for the second week in a row, according to The Money Fund Report, a service of iMoneyNet.com.
The total net assets of the 431 reporting tax-exempt money funds fell by $2.44 billion in the week ending Jan. 21 to $286.11 billion. The outflow pace was reduced from the $4.21 billion that exited in the prior week when total net assets settled at $288.55 billion. The prior week's outflows contrasted, however, with the $6.18 billion of inflows the funds netted in the week ended Jan. 7 nearly double the $3.22 billion the funds accumulated in the week ended Dec. 31 and higher than inflows for any week in 2012.
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