Money Funds See $52-Billion Outflow
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Record-low yields on money market mutual funds may be driving more savers in the funds to shift that cash elsewhere.
Total assets of taxable and tax-free money funds slid $52 billion in the seven days ended Wednesday, to $2.24 trillion, Imoneynet.com said. Money fund assets fell $10.4 billion in the previous week.
Much of the shifting of dollars away from money funds so far is by institutional investors rather than individuals, Imoneynet.com said.
The average seven-day simple yield on taxable money funds was 1.59% as of Wednesday, versus 1.58% a week earlier, the firm said.
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