As if money market funds hadn’t been beaten up enough already this year, the week ending July 1 brought more pain to the sector. The week brought record lows for taxable money market fund yields and saw investors withdraw more than $15 billion from the funds, according to the Money Fund Report, Reuters reports.

The simple yield on taxable money funds dropped from 0.64% to 0.58% from the previous week. If reinvested dividends are included in the mix, yields dropped from 0.64% to 0.59% in the week.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.