NEW YORK (AP) — Total U.S. money market mutual fund assets fell $2.54 billion to $2.575 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets of the nation's retail money market mutual funds rose $2.12 billion to $890.22 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $2.07 billion to $701.58 billion. Tax-exempt retail fund assets rose $50 million to $188.64 billion.
Meanwhile, assets of institutional money market funds fell $4.66 billion to $1.685 trillion. Among institutional funds, taxable money market fund assets fell $4.62 billion to $1.605 trillion. Assets of tax-exempt funds fell $30 million to $80.32 billion.
The seven-day average yield on money market mutual funds fell to 0.02 percent from 0.03 percent in the previous week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield fell to 0.02 percent from 0.03 percent last week. The seven-day compounded fell to 0.02 percent from 0.03 percent. The 30-day compounded yield also fell to 0.02 percent from 0.03 percent, Money Fund Report said.
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