Total money market mutual fund assets fell $5.81 billion to $2.799 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell $2.67 billion in the latest week to $950.3 billion. Assets of taxable money market funds in the retail category decreased by $2.04 billion to $746.96 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell $630 million to $203.34 billion.
Assets of institutional money market funds fell $3.14 billion to $1.849 trillion for the same period. Among institutional funds, taxable money market fund assets decreased by $242 million to $1.724 trillion; assets of institutional tax-exempt funds fell $730 million to $124.83 billion.
The seven-day average yield on taxable money market mutual funds in the week ended Tuesday fell to 0.03 percent from 0.04 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was flat at 0.04 percent, according to Money Fund Report.
The seven-day compounded yield also fell to 0.03 percent from 0.04 percent, while the 30-day compounded yield was unchanged at 0.04 percent, Money Fund Report said. The average maturity of the portfolios held by money funds rose to 46 days from 44 days.
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 previous week at 0.19 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts also remained flat at 0.11 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was 0.32 percent, unchanged from the previous week. Yields on one-year CDs fell to 0.55 percent from 0.56 percent the previous week; dropped to 0.79 percent from 0.81 percent on 2 1/2 year CDs; and fell to 1.63 percent from 1.66 percent on five-year CDs.