Total U.S. money market mutual fund assets fell $16.86 billion to $2.683 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell $4.33 billion to $916.77 billion, while assets of institutional money market funds fell $12.53 billion to $1.766 trillion, the Washington-based mutual fund trade group said Thursday.
Assets of taxable money market funds in the retail category fell $2.67 billion to $721.05 billion. Tax-exempt fund assets fell $1.66 billion to $195.72 billion. Among institutional funds, taxable money market fund assets dropped $10.99 billion to $1.660 trillion; assets of tax-exempt funds fell $1.53 billion to $106.26 billion.
The seven-day average yield on money market mutual funds was 0.02 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 30-day average yield was also unchanged at 0.02 percent.
The seven-day compounded yield remained at 0.02 percent, while the 30-day compounded yield was also unchanged at 0.02 percent, Money Fund Report said. The average maturity of the portfolios held by money funds dropped to 41 days from 43 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 0.16 percent in the week ended Wednesday, unchanged from the previous week.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking was 0.07 percent, unchanged.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged at 0.26 percent. Yields were unchanged at 0.44 percent on one-year CDs, they fell to 0.71 percent from 0.72 percent on 2 1/2-year CDs and they fell to 1.63 percent from 1.64 percent on five-year CDs.