Tax-exempt money market funds reversed a recent spate of outflows - yet gained just a scant $24.2 million - as total net assets barely inched up to $276.65 billion in the week ended March 18, according to the Money Fund Report, a service of iMoneyNet.com.
Outflows have been more frequent than inflows lately among tax-exempt money funds, and last week was no exception as $2.17 billion exited the funds and total net assets settled at $276.62 billion.
The average, seven-day simple yield for the 431 reporting tax-exempt money funds this week remained at 0.01%, while the average maturity decreased by one day to 30 days compared to the prior week.
Meanwhile, outflows continued to plague the 1,028 taxable reporting money funds as total net assets fell by $8.95 billion to $2.339 trillion in the week ended March 19, versus the prior week when $6.93 billion escaped the industry and total net assets settled with $2.348 trillion.
The average, seven-day simple yield for the taxable funds was also unchanged from the prior week at 0.02%, while the average maturity remained unchanged at 49 days.
Overall, the combined total net assets of the 1,459 reporting money funds decreased by $8.93 billion in the week ended March 19 to $2.615 trillion. That came on the heels of $9.9 billion of outflows in the previous week when the total net assets declined to $2.624 trillion.
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