Inflows to tax-exempt money market funds nearly doubled compared to last week as the arrival of $6.18 billion caused total net assets to soar to $292.75 billion in the week ended Jan. 7, according to The Money Fund Report, a service of iMoneyNet.com.
The inflows followed $3.22 billion of inflows in the prior week when total net assets settled at $286.57 billion.
This weeks inflows where higher than any in 2012, which peaked when $5.79 billion arrived in the week ended Jan. 9, 2012.
The average, seven-day simple yield for the 431 tax-exempt money market funds remained unchanged from the previous week at 0.01%, while the average maturity declined to 32 days from 34 days.
Meanwhile, the total net assets of the 1,039 reporting taxable funds grew by a significant $21.24 billion to $2.409 trillion in the week ended Jan. 8, compared to the prior week when the funds gained $38.83 billion and rose to a 12-month high of $2.388 trillion.
The average, seven-day simple yield for the taxable funds was unchanged at 0.02% from the prior week, while the average maturity increased one day to 46 days compared to the prior week.
Overall, the combined assets of the 1,470 reporting money funds increased by a whopping $27.43 billion to $2.702 trillion in the week ended Jan. 8. This compares to the prior week when $42.06 billion ushered in the New Year, and total net assets settled at $2.674 trillion.