NEW YORK -- Assets of the nation's retail money market mutual funds fell by $1.62 billion in the latest week to $861.87 billion, the Investment Company Institute said Thursday.
Assets of taxable money market funds in the retail category fell by $2.55 billion to $670.70 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Tax-exempt fund assets rose by $922.6 million to $191.17 billion.
Assets of institutional money market funds rose by $17.97 billion to $1.159 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $16.91 billion to $1.048 trillion; assets of tax-exempt funds rose by $1.06 billion to $110.69 billion.
Total money market assets stood at $2.021 trillion for the week.
Assets for the previous week were revised to $2.004 trillion to reflect reporting errors and a change in the number of funds reporting.
The seven-day average yield on money market mutual funds was unchanged in the week ended Tuesday at 0.53 percent the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was unchanged at 0.52 percent, according to Money Fund Report.
The seven-day compounded yield was steady at 0.53 percent the previous week, and the 30-day compounded yield was steady at 0.52 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was 48 days, down from 51 days, said Money Fund.
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 0.45 percent as of Wednesday compared to a week earlier.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was steady at 0.25 percent.
Bankrate.com said the annual percentage yield was 1.02 percent on six-month certificates of deposit, up from 1 percent the previous week. Yields were 1.40 percent on 1-year CDs, up from 1.36 percent; 2.28 percent on 2 1/2 -year CDs, up from 2.24 percent; and 3.54 percent on 5-year CDs, up from 3.48 percent.
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