WASHINGTON Retail money market funds rose $9.19 billion in the week that ended Wednesday, to $1.01 trillion, the Investment Company Institute said Thursday.
Assets of taxable retail money market funds increased $7.3 billion, to $832.69 billion. Tax-exempt fund assets climbed $1.89 billion, to $172.61 billion. Institutional money market fund assets rose $11.82 billion, to $794.39 billion.
Among institutional funds, taxable money market fund assets went up $11.23 billion, to $736.52 billion, and tax-exempt fund assets increased $591 million, to $57.87 billion.
However, yields on most money market funds dropped. The seven-day average yield on money market funds in the week that ended Tuesday lost 1 basis point from a week earlier, to 6%, and the seven-day compounded yield fell 2 basis points, to 6.18%, according to Money Fund Report, a publication of iMoneyNet Inc. of Westboro, Mass.
The 30-day compounded yield rose 1 basis point, to 6.18%, and the 30-day average yield increased 1 basis point, to 6%, the report said.