Money fund assets fell to $3.6 trillion this week

NEW YORK — Total money market mutual fund assets fell $21.98 billion to $3.634 trillion for the week, the Investment Company Institute said Thursday.

Assets of the nation’s retail money market mutual funds fell $10.06 billion in the latest week to $1.197 trillion.

Assets of taxable money market funds in the retail category fell $8.14 billion to $936.06 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets fell $1.92 billion to $260.94 billion.

Assets of institutional money market funds fell $11.92 billion to $2.437 trillion for the same period. Among institutional funds, taxable money market fund assets fell $12.36 billion to $2.254 trillion; assets of institutional tax-exempt funds rose $438 million to $182.40 billion.

The seven-day average yield on taxable money market mutual funds was 0.09 percent in the week ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield fell to 0.10 percent from 0.11 percent, according to Money Fund Report.

The seven-day compounded yield was also flat at 0.9 percent from the week before, and the 30-day compounded yield fell to 0.10 percent from 0.11 percent, Money Fund Report said.

The average maturity of the portfolios held by money funds was 52 days, the same as the previous week, 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 0.36 percent as of Wednesday, unchanged from the previous week.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.14 compared with last week.

Bankrate.com said the annual percentage yield was 0.76 percent on six-month certificates of deposit, down from 0.77 percent the previous week. Yields were 1.07 percent on 1-year CDs, down from 1.08 percent; 1.42 percent on 2½-year CDs, down from 1.44 percent; and 2.16 percent on 5-year CDs, unchanged from the previous week.