NEW YORK (AP) — Total money market mutual fund assets fell $12.43 billion to $2.738 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose $670 million in the latest week to $910.35 billion.
Assets of taxable money market funds in the retail category rose $540 million to $712.85 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $140 million to $197.49 billion.
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Assets of institutional money market funds fell $13.11 billion to $1.828 trillion for the same period. Among institutional funds, taxable money market fund assets fell $13.09 billion to $1.715 trillion; assets of tax-exempt funds fell by $20 million to $113.46 billion.
The seven-day average yield on money market mutual funds remained unchanged in the week ended Tuesday from the previous week at 0.02 percent, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was also unchanged from the previous week at 0.02 percent.
The seven-day compounded yield remained at 0.02 percent, the same as the previous week, while the 30-day compounded yield remained unchanged at 0.02 percent from the previous week, Money Fund Report said. The average maturity of the portfolios held by money funds was unchanged at 46 days from the week before.
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 from the week ended Wednesday at 0.17 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking remained at 0.07 percent, unchanged from the week before.
Bankrate.com said the annual percentage yield on six-month certificates of deposit remained unchanged at 0.27 percent from the week before. Yields remained at 0.45 percent on one-year CDs; remained at 0.72 percent on 2 1/2-year CDs; and slipped to 1.70 percent from 1.71 percent on five-year CDs.
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