NEW YORK (AP) — Total U.S. money market mutual fund assets fell $870 million to $2.570 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell $710 million to $886.17 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $1.11 billion to $697.49 billion. Tax-exempt retail fund assets rose $400 million to $188.68 billion.
Meanwhile, assets of institutional money market funds fell $160 million to $1.684 trillion. Among institutional funds, taxable money market fund assets fell $1.56 billion to $1.601 trillion. Assets of tax-exempt funds rose $1.40 billion to $82.87 billion.
The seven-day average yield on money market mutual funds was unchanged at 0.02 percent in the week that ended Tuesday from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was unchanged from last week at 0.02 percent. The seven-day compounded was flat at 0.02 percent. The 30-day compounded was also flat at 0.02 percent, Money Fund Report said.