NEW YORK, N.Y. – Total U.S. money market mutual fund assets increased $20 billion to $2.659 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets in the nation’s retail money market mutual funds rose $690 million to $934.98 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $1.12 billion to $740.18 billion. Tax-exempt retail fund assets decreased $430 million to $194.8 billion.
Assets in institutional money market funds increased $19.31 billion to $1.724 trillion. Among institutional funds, taxable money market fund assets increased $20.35 billion to $1.652 trillion. Assets of tax-exempt funds decreased $1.04 billion to $72.02 billion.
The 7-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 7-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 increased to 48 days from 47 days.
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 from the week before at 0.10 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 was unchanged from the week before at 0.05 per cent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit fell to 0.14 per cent from 0.15 per cent. Rates on one-year CDs fell to 0.23 per cent from 0.24 per cent, and two-year yields were flat at 0.37 per cent. Five-year yields edged up to 0.79 per cent from 0.78 per cent.