Money fund assets fall $34.37 billion to $2.675 trillion for the week

The Associated Press 0

NEW YORK, N.Y. – Total U.S. money market mutual fund assets fell $34.37 billion to $2.675 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation’s retail money market mutual funds rose $4.07 billion to $925.77 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $2.36 billion to $731.29 billion. Tax-exempt retail fund assets rose $1.72 billion to $194.48 billion.

Assets in institutional money market funds fell $38.45 billion to $1.75 trillion. Among institutional funds, taxable money market fund assets fell $39.77 billion to $1.674 trillion. Assets of tax-exempt funds rose $1.32 billion to $75.45 billion.

The seven-day average yield on money market mutual funds was unchanged at 0.01 per cent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The seven-day compounded yield was flat at 0.01 per cent.

The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 per cent, Money Fund Report said Wednesday.

The average maturity of portfolios held by money market mutual funds rose to 50 days from 49 days from the prior week.

The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation’s 10 largest markets showed the annual percentage yield available on money market accounts was unchanged at 0.12 per cent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts remained steady at 0.05 per cent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged at 0.14 per cent, unchanged at 0.22 per cent for one-year CDs and flat at 0.36 per cent on two-year CDs. The five-year yield was also unchanged at 0.78 per cent.

Leave a comment

Your email address will not be published. Required fields are marked *