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Meanwhile, assets of institutional money market funds fell $8.95 billion to $1.750 trillion. Among institutional funds, taxable money market fund assets fell $8.13 billion to $1.653 trillion; assets of tax-exempt funds fell $820 million to $96.20 billion.
The seven-day average yield on money market mutual funds was 0.02 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 30-day average yield was also unchanged at 0.02 percent.
The seven-day compounded yield was flat at 0.02 percent, as was the 30-day compounded yield at 0.02 percent, Money Fund Report said.
The average maturity of the portfolios held by money market mutual funds was unchanged from the previous week at 44 days.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged at 0.13 percent from the previous week. The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking was unchanged from the week before at 0.06 percent. Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.22 percent. Yield was also unchanged at 0.34 percent on one-year CDs; unchanged at 0.52 percent on 2 1/2-year CDs; and it fell to 1.15 percent from 1.16 percent on five-year CDs.
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