Total money market mutual fund assets rose by $740 million to $2.841 trillion for the week, the Investment Company Institute said Thursday.
Total money market mutual fund assets rose by $740 million to $2.841 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell by $5.03 billion in the latest week to $993.23 billion.
Assets of taxable money market funds in the retail category fell by $3.94 billion to $780.27 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell by $1.09 billion to $212.96 billion.
Assets of institutional money market funds rose by $5.77 billion to $1.847 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $6.71 billion to $1.708 trillion; assets of institutional tax-exempt funds fell by $940 million to $139.04 billion.
The seven-day average yield on money market mutual funds rose in the week ended Tuesday to 0.04 percent from 0.03 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was unchanged at 0.03 percent, according to Money Fund Report.
The seven-day compounded yield rose to 0.04 percent from 0.03 percent the previous week, and the 30-day compounded yield was flat at 0.03 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was unchanged at 39 days, said Money Fund Report.
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 0.22 percent as of Wednesday, unchanged from the week earlier.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.13 percent.
Bankrate.com said the annual percentage yield was at 0.41 percent on six-month certificates of deposit, unchanged from the previous week. Yields were flat at 0.7 percent on 1-year CDs; unchanged 1.09 percent on 2 1/2-year CDs; and 2.05 percent on 5-year CDs, down from 2.06 percent.
