Money market fund assets fell by $3.1 billion
- Article by: The Associated Press
- Associated Press
- May 15, 2014 - 5:15 PM
Total U.S. money market mutual fund assets fell by $3.1 billion to $2.59 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets in the nation's retail money market mutual funds fell by $2.74 billion to $903.91 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $1.95 billion to $716.83 billion. Tax-exempt retail fund assets fell $790 million to $187.08 billion.
Assets in institutional money market funds decreased by $360 million to $1.68 trillion. Among institutional funds, taxable money market fund assets fell by $80 million to $1.61 trillion. Assets of tax-exempt funds fell $280 million to $70.9 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 was unchanged at 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 week before at 0.11 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from a week earlier at 0.14 percent. One-year CD yields were also unchanged at 0.24 percent, while two-year CD yields were flat at 0.38 percent. The five-year yield was unchanged at 0.80 percent.
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