US money market fund assets fell for a second straight week but at a slower pace than the prior week, when assets tumbled on heavy withdrawals tied to annual federal tax payments, a private report released on Wednesday showed. Money fund assets decreased by $6.75 billion to $3.010 trillion in the week ended April 23, following a $53.19 billion drop, the biggest weekly decline in about 10 months, the Money Fund Report said on Wednesday.
Taxable money market fund assets decreased by $5.32 billion to $2.877 trillion, while tax-free assets decreased by $1.42 billion to $132.41 billion, according to the report, published by iMoneyNet. The average seven-day simple yield on taxable money-market funds was 2.07%, compared with 2.06% a week ago. The weighted average maturities (WAM) of taxable money funds was unchanged at 31 days, iMoneyNet said. The average seven-day simple yield on tax-free and municipal money funds jumped to 1.49% from 1.16% the week before. The WAM on tax-free funds shortened by two days to 23 days.
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