Assets of the nation's 616 retail money market mutual funds rose $88.6 million in the latest week to $388.78 billion, the Investment Company Institute said.
Assets of the 385 taxable money market funds in the retail category rose by $83.4 million to $309.92 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 231 tax-exempt fund assets rose by $5.2 million to $78.87 billion.Assets of the 274 institutional money market funds fell by $2.32 billion to $208.44 billion for the same period. Among institutional funds, the 222 taxable money market fund assets fell by $1.86 billion to $186.81 billion; assets of 52 tax exempt funds fell by $461.7 million to $21.64 billion.
Total money market assets stood at $597.22 billion for the week.
The seven-day average yield on money market mutual funds was 2.74 percent the week ended Tuesday, unchanged from the previous week, said IBC-Donoghue's Money Fund Report, a trade journal in Ashland, Mass. The 30-day average yield was also unchanged at 2.74 percent, Donoghue's said.
The seven-day compounded yield was unchanged at 2.78 percent, and the 30-day compounded yield was unchanged at 2.78 percent, Donoghue's said.
The average maturity of the portfolios held by money funds was unchanged from the previous week at 63 days, Donoghue's said.
The newsletter Bank Rate Monitor said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the effective annual yield available on money market accounts was 2.78 percent as of Wednesday, unchanged from a week earlier. The newsletter, based in North Palm Beach, Fla., said the effective annual yield available on interest-bearing checking accounts was 2.08 percent, unchanged from a week earlier.
Bank Rate Monitor said the effective annual yield was 3.03 percent on six-month certificates of deposit, unchanged from the previous week. Yields were 3.32 percent on 1-year CDs, up from 3.31 percent; 4.02 percent on 21/2-year CDs, unchanged; and 5.38 percent on 5-year CDs, also unchanged.