Total US money market mutual fund assets rose US$5.84 billion to US$2.568 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets of the nation's retail money market mutual funds fell US$940 million to US$886.05 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose US$240 million to US$698.38 billion. Tax-exempt retail fund assets fell US$1.17 billion to US$187.67 billion.
Meanwhile, assets of institutional money market funds rose US$6.78 billion to US$1.682 trillion. Among institutional funds, taxable money market fund assets rose US$6.81 billion to US$1.601 trillion. Assets of tax-exempt funds fell US$30 million to US$80.75 billion.
The seven-day average yield on money market mutual funds was unchanged from the previous week at 0.03 per cent in the week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc in Westborough, Massachusetts.
The 30-day average yield was also unchanged from last week at 0.03 per cent. The seven-day compounded was flat at 0.03 per cent. The 30-day compounded yield was also unchanged at 0.03 per cent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds rose to 49 days from 48 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 remained at 0.12 per cent.
The North Palm Beach, Florida-based unit of Bankrate Inc said the annual percentage yield available on interest-bearing chequeing accounts was flat from the week before at 0.05 per cent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit fell to 0.18 per cent from 0.19 per cent in the previous week. It was flat at 0.30 per cent on one-year CDs and flat at 0.47 per cent on two-year CDs. It was also unchanged at 0.45 per cent on two-and-a-half-year CDs. It fell to 0.96 per cent from 0.97 per cent on five-year CDs.