Assets in retail money market mutual funds slipped $176.6 million, to $423.05 billion, in the week that ended May 4, the Investment Company Institute reported.

It was the second week in a row that retail money market assets were down. In late March and early April, investors had been plowing dollars into these funds, in response to volatility in the stock and bond markets.

The decline was concentrated in taxable money market funds. Retail investments in these funds fell by $471.8 million, to $329.97 billion.

Tax-exempt funds for retail investors attached $295.2 million in the week, bringing their balances to $93.07 billion.

Instutional money market funds also experienced declines in the week. Assets fell to $172.78 billion, down $615.4 million. Balances of taxable funds were down, but tax-exempt fund assets rose.

Total money market mutual fund assets sttood at $595.83 billion as of May 4, down from $596.62 billion the previous week.

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