Total money market mutual fund assets fell by $62.6 billion to $3.482 trillion for the week, the Investment Company Institute said Thursday.
Total money market mutual fund assets fell by $62.6 billion to $3.482 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell by $10.36 billion in the latest week to $1.151 trillion.
Assets of taxable money market funds in the retail category fell by $8.09 billion to $899.47 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $2.27 billion to $251.46 billion.
Assets of institutional money market funds fell by $52.24 billion to $2.33 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $46.97 billion to $2.153 trillion; assets of institutional tax-exempt funds fell by $5.27 billion to $178.76 billion.
The seven-day average yield on money market mutual funds in the week ended Tuesday was 0.06 percent, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was also flat at 0.06 percent, according to Money Fund Report.
The seven-day compounded yield was 0.06, the same as the previous week, and the 30-day compounded yield was unchanged at 0.06 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was 52 days, up from 51 days, said Money Fund.
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 fell to 0.32 percent as of Wednesday from 0.35 percent week earlier.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts fell to 0.12 percent from 0.13 percent.
Bankrate.com said the annual percentage yield was 0.62 percent on six-month certificates of deposit, down from 0.66 percent the previous week. Yields were 0.94 percent on 1-year CDs, down from 0.98 percent; 1.34 percent on 2 1/2-year CDs, down from 1.39 percent; and 2.19 percent on 5-year CDs, down from 2.23 percent.
