Total money market mutual fund assets fell by $12.07 billion to $3.581 trillion for the week, the Investment Company Institute said yesterday.
Total money market mutual fund assets fell by $12.07 billion to $3.581 trillion for the week, the Investment Company Institute said yesterday.
Assets of the nation's retail money market mutual funds fell by $2.96 billion in the latest week to $1.176 trillion.
Assets of taxable money market funds in the retail category fell by $2.36 billion to $918.66 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $600 million to $257.01 billion.
Assets of institutional money market funds fell by $9.11 billion to $2.406 trillion for the same period. Among institutional funds, taxable money market fund assets fell by $9.88 billion to $2.219 trillion; assets of institutional tax-exempt funds rose by $770 million to $186.58 billion.
The seven-day average yield on money market mutual funds was 0.07 percent in the week ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was also unchanged at 0.08 percent, according to Money Fund Report.
The seven-day compounded yield was unchanged from the previous week at 0.07 percent, and the 30-day compounded yield was flat at 0.08 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was unchanged at 53 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 0.35 percent as of Wednesday from 0.36 percent week earlier.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was 0.14 percent, unchanged from last week.
Bankrate.com said the annual percentage yield was 0.74 percent on six-month certificates of deposit, down from 0.75 percent the previous week. Yields were 1.05 percent on 1-year CDs, down from 1.06 percent; 1.42 percent on 2 1/2-year CDs, down from 1.44 percent; and 2.17 percent on 5-year CDs, up from 2.16 percent.
