Money market mutual fund assets surge to $3.446T

Total money market mutual fund assets rose by $16.72 billion to $3.446 trillion for the week, the Investment Company Institute said Thursday.
OCT 09, 2009
By  Bloomberg
Total money market mutual fund assets rose by $16.72 billion to $3.446 trillion for the week, the Investment Company Institute said Thursday. Assets of the nation's retail money market mutual funds fell by $2.91 billion in the latest week to $1.122 trillion. Assets of taxable money market funds in the retail category fell by $3.28 billion to $878.04 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets rose by $370 million to $244.11 billion. Assets of institutional money market funds rose by $19.63 billion to $2.324 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $16.25 billion to $2.148 trillion; assets of institutional tax-exempt funds rose by $3.38 billion to $175.3 billion. The seven-day average yield on money market mutual funds was unchanged in the week ended Tuesday at 0.05 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 0.05 percent from 0.06 percent the previous week, according to Money Fund Report. The seven-day compounded yield was flat at 0.05 percent, and the 30-day compounded yield fell to 0.05 percent from 0.06 percent, Money Fund Report said. The average maturity of the portfolios held by money funds was 51 days, unchanged from the previous week, 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 0.31 percent as of Wednesday from 0.32 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 unchanged from the previous week at 0.12 percent. Bankrate.com said the annual percentage yield was 0.61 percent on six-month certificates of deposit, down from 0.62 percent the previous week. Yields were 0.93 percent on 1-year CDs, down from 0.95 percent; 1.37 percent on 2 1/2-year CDs, down from 1.41 percent; and 2.23 percent on 5-year CDs, down from 2.25 percent.

Latest News

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.