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Money Market Fund Assets Dropped by $3.1 Billion to $2.59 Trillion for the Week

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For the week that ended on Wednesday, total U.S. money market dropped by $3.1 billion to $2.59 trillion, according to the Investment Company Institute.

Assets in the country’s retail money market mutual funds decreased by $2.74 billion hitting $903.91 billion, said the Washington-based mutual fund trade group on Thursday. There was a decline of the assets of taxable money market funds in the retail category from $1.95 billion to 716.83 billion. Tax-exempt retail fund assets witnessed a drop of $280 million to $70.9 billion.

There was a decrease in the assets in the institutional money market by $360 million to $1.68 trillion. Taxable money market fund assets is one among the institutional funds that dropped by $80 million to $1.61 trillion. Assets of tax-exempt witnessed a decline of $280 million to $70.9 billion.

In reference to Money Fund Report, a service for iMoneyNet Inc, Westborough, Massachusetts, the seven-day average yield on money market mutual funds did not change from the previous week remaining at 0.001 per cent. This made the seven-day compounded yield flat at 0.01 per cent.

Both the 30-day yield and 30-day compounded yield were unchanged at 0.01 per cent, according to Money Fund Report on Wednesday.

Neither did the average maturity portfolios held by money market mutual funds change for 44 days.

According to its survey of 100 leading commercial banks, the online service Bankrate.com said savings and loans associations and savings banks in the nation’s 10 largest indicated the annual percentage yield available on money market accounts did not change from the week before standing at 0.11 per cent.

Wednesday the North Palm Beach, Fla. –based unit of Bankrate Inc said that the annual percentage yield available on interest-bearing checking accounts remained at 0.06 per cent, same as the previous week.

According to Bankrate.com, the annual percentage yield on six-month certificates of deposit was stagnant at 0.14 from a week earlier. One year CD yields also remained flat at 0.24 percent, while two-year CD yields remained unchanged at 0.38 per cent. The same applied for the five-year yield which stood at 0.80 per cent.

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