Money fund assets shrink to $2.788T in latest week
Total money market mutual fund assets fell $9.28 billion to $2.788 trillion for the week, the Investment Company Institute said.
Assets of the nation's retail money market mutual funds rose $5.63 billion to $945.30 billion. Assets of taxable money market funds in the retail category rose $3.55 billion to $739.88 billion for the week ended Tuesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets climbed $2.08 billion to $205.42 billion.
Assets of institutional money market funds shrank $14.92 billion to $1.843 trillion for the same period. Among institutional funds, taxable money market fund assets fell $13.57 billion to $1.722 trillion; assets of institutional tax-exempt funds decreased $1.35 billion to $120.38 billion.
The seven-day average yield on taxable money market mutual funds in the week ended Tuesday was unchanged from the previous week at 0.03 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield remained flat at 0.03 percent, according to Money Fund Report.
The seven-day compounded yield also remained at 0.03 percent, while the 30-day compounded yield stayed at 0.03 percent, Money Fund Report said. The average maturity of the portfolios held by money funds fell to 47 days from 48 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 again unchanged from the previous week at 0.19 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.10 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit remained at 0.30 percent. Yields on one-year CDs dropped to 0.48 percent from 0.49 percent the previous week; rose to 0.71 percent from 0.70 percent on 2 1/2 year CDs; and rose to 1.55 percent from 1.52 percent on five-year CDs.
