Money market fund assets rose $24.04 billion
- Article by: The Associated Press
- Associated Press
- January 2, 2014 - 5:05 PM
NEW YORK — Total U.S. money market mutual fund assets rose $24.04 billion to $2.719 trillion for the week that ended Tuesday, according to the Investment Company Institute.
Assets in the nation's retail money market mutual funds rose $2.37 billion to $929.25 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose $1.12 billion to $732.7 billion. Tax-exempt retail fund assets rose $1.25 billion to $196.55 billion.
Assets in institutional money market funds rose by $21.67 billion to $1.789 trillion. Among institutional funds, taxable money market fund assets increased by $21.97 billion to $1.715 trillion. Assets of tax-exempt funds fell $290 million to $74.42 billion.
The seven-day average yield on money market mutual funds was unchanged at 0.01 percent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The seven-day compounded yield was flat at 0.01 percent.
The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 percent, Money Fund Report said Wednesday.
The average maturity of portfolios held by money market mutual funds fell to 47 days from 48 days from the prior 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 was unchanged at 0.12 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts remained steady at 0.05 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged at 0.14 percent, one-year CD yields remained steady at 0.23 percent and were unchanged at 0.36 percent on two-year CDs. The five-year yield was also unchanged at 0.78 percent.
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