Total money market mutual fund assets rose by $2.59 billion to $3.272 trillion for the week, the Investment Company Institute said Thursday.
Total money market mutual fund assets rose by $2.59 billion to $3.272 trillion for the week, the Investment Company Institute said this week.
Assets of the nation's retail money market mutual funds fell by $1.91 billion in the latest week to $1.071 trillion.
Assets of taxable money market funds in the retail category fell by $1.72 billion to $865.64 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $190 million to $235.53 billion.
Assets of institutional money market funds rose by $4.49 billion to $2.201 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $6.67 billion to $2.038 trillion; assets of institutional tax-exempt funds fell by $2.17 billion to $162.48 billion.
The seven-day average yield on 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 was also flat at 0.03 percent, according to Money Fund Report.
The seven-day compounded yield was 0.03 percent, unchanged from the previous week, and the 30-day compounded yield stayed at 0.03 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was 49 days, down from 50 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 was unchanged at 0.24 percent as of Wednesday.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts rose to 0.13 percent from 0.12 percent.
Bankrate.com said the annual percentage yield was 0.51 percent on six-month certificates of deposit, unchanged from the previous week. Yields were flat at 0.82 percent on 1-year CDs; 1.24 percent on 2 1/2-year CDs, down from 1.26 percent; and 2.10 percent on 5-year CDs, up from 2.08 percent.
