Outflows among tax-exempt money market funds rose to $2.31 billion in the week ending Oct. 18, causing total net assets to recede to $327.99 billion, according to the Money Fund Report, a service of iMoneyNet.com.
The losses were a follow on to last week’s action when $1.81 billion fled the funds, leaving them with $330.29 billion.
The iMoneyNet money fund average seven-day simple yield for the 488 tax-exempt funds in the report remained at 0.03% for the second week in a row, while the average maturity was unchanged at 33 days.
Taxable funds also sprung a leak, with $17.46 billion exiting the 1,145 taxable funds, dropping them $2.43 trillion for the week ending Oct. 19. Taxable funds lost $3.93 billion last week and settled at $2.45 trillion in total net assets.
The iMoneyNet average seven-day simple yield for the taxable funds reverted to 0.04%, where it had remained for 16 consecutive weeks before dipping to 0.03% last week. The average maturity for the taxable funds increased to 47 days from 46 days the previous week.
Overall, the combined assets of the 1,633 money funds reported outflows totaling $19.76 billion in the week ending Oct. 19 to settle with $2.75 trillion in total net assets. The previous week saw assets end with $2.77 trillion after losing $2.12 billion.
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