NEW YORK (AP) -- Total U.S. money market mutual fund assets fell by $10.68 billion to $2.554 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell by $550 million to $890.20 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell by $50 million to $703.57 billion. Tax-exempt retail fund assets fell by $500 million to $186.63 billion.
Meanwhile, assets of institutional money market funds fell $10.13 billion to $1.664 trillion. Among institutional funds, taxable money market fund assets fell $8.47 billion to $1.579 trillion; assets of tax-exempt funds fell $1.66 billion to $84.77 billion.
The seven-day average yield on money market mutual funds was 0.03 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 from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds was the same as the previous week at 45 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 from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was also unchanged from the previous week at 0.21 percent. The yield on one-year CDs was unchanged at 0.32 percent and flat at 0.51 percent on two-and-a-half-year CDs. It fell to 1.11 percent from 1.12 percent on five-year CDs.