Assets invested in money market mutual funds fell to $588.63 billion during the week ended Dec. 1, the Investment Company Institute reported.
That is a drop from $594.17 billion in the prior week.
Funds for both retail and institutional investors participated in the decline, ending the week with assets of $396.76 billion and $191.86 billion, respectively.
Tax-Exempt Funds Up
While assets in taxable money market funds declined, tax-exempt money market funds grew.
The 243 tax-exempt funds for retail investors held assets $86.78 billion, a gain of $387.1 million.
The 54 tax-exempt funds for institutional investors held $22.1 billion, up $192.1 million.