Total U.S. money market mutual fund assets fell $37.53 billion to $2.634 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose by $420 million to $919.36 billion, while assets of institutional money market funds fell $37.95 billion to $1.715 trillion, the Washington-based mutual fund trade group said Thursday.
Assets of taxable money market funds in the retail category rose $1.58 billion to $723.95 billion. Tax-exempt fund assets fell $1.16 billion to $195.41 billion. Among institutional funds, taxable money market fund assets fell $36.47 billion to $1.610 trillion; assets of tax-exempt funds fell $1.47 billion to $104.61 billion.
The seven-day average yield on money market mutual funds was 0.01 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 fell to 0.01 percent from 0.02 percent in the previous week.
The seven-day compounded yield remained at 0.01 percent, while the 30-day compounded yield fell to 0.01 percent from 0.02 percent in the previous week, Money Fund Report said. The average maturity of the portfolios held by money market mutual funds fell to 39 days from 40 days in the previous week.
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 fell to 0.16 percent in the week ended Wednesday from 0.17 percent in 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 remained at 0.44 percent on one-year CDs, they rose to 0.71 percent from 0.70 percent on 2 1/2-year CDs and they were unchanged at 1.62 percent on five-year CDs.