Assets of money market mutual funds declined 1.2%, to $583.37 billion, in the week that ended June 15, according to the Investment Company Institute, a Washington-based trade group for mutual fund companies.

The $6.8 billion outflow reflects declines in the four classes of money market assets tracked by the institute: taxable and tax-exempt funds for retail and institutional investors.

On the retail side, money market assets fell to $416.36 billion, a decline of $3.53 billion, or 0.9%, in the week.

The 418 taxable retail funds held $323.84 billion, down $2.5 billion, while the 251 tax-exempt funds slipped to $92.52 billion, a $1.03 billion decline.

Assets of institutional money market funds dropped to $167.01, down $3.27 billion in the week. That is a one-week outflow of 1.9% of assets.

Balances of the 231 taxable institutional funds slipped to $145.39 billion, a decline of $2.4 billion.

The 55 tax-exempt funds for institutional investors held $21.61 billion, off $864.4 million in the week.

Institutional money funds often suffer declines when interest rates rise as investors shift to higher-yielding securities, such as commercial paper.

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