Total U.S. money market mutual fund assets fell $2.18 billion to $2.56 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets in the nation’s retail money market mutual funds fell $2.84 billion to $896.27 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $2.97 billion to $710.27 billion. Tax-exempt retail fund assets fell $140 million to $186 billion.
Assets in institutional money market funds fell $5.03 billion to $1.67 trillion. Among institutional funds, taxable money market fund assets fell $4.22 billion to $1.6 trillion. Assets of tax-exempt funds decreased $810 million to $71.18 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, Massachusetts. 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 was unchanged at 44 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 0.11 per cent.
The North Palm Beach, Florida-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 0.06 per cent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from a week earlier at 0.15 per cent. One-year CD yields were unchanged at 0.23 per cent, two-year CD yields were flat at 0.36 per cent and the five-year yield was unchanged at 0.79 per cent.