Money market fund assets rise to $2.644T

[August 30, 2013]  NEW YORK (AP) -- Total U.S. money market mutual fund assets rose $6.46 billion to $2.644 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation's retail money market mutual funds rose $1.37 billion to $932.31 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category increased $2.77 billion to $737.70 billion. Tax-exempt retail fund assets fell $1.41 billion to $194.61 billion.

Assets in institutional money market funds rose $5.09 billion to $1.712 trillion. Among institutional funds, taxable money market fund assets increased $5.76 billion to $1.639 trillion. Assets of tax-exempt funds fell $670 million to $72.13 billion.

The 7-day average yield on money market mutual funds was unchanged at 0.01 percent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 7-day compounded yield was flat at 0.01 percent. The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 percent, Money Fund Report said Wednesday.

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 fell to 0.10 percent from 0.11 percent the week before.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.05 percent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was flat at 0.15 percent. Rates were also flat at 0.24 percent on one-year CDs and at 0.37 percent on two-year CDs. Five-year yields were unchanged at 0.79 percent.

[Associated Press]

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