NEW YORK (AP) -- Total U.S. money market mutual fund assets rose $940 million to $2.569 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets of the nation's retail money market mutual funds fell $1.55 billion to $884.37 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $1.01 billion to $697.24 billion. Tax-exempt retail fund assets fell $550 million to $187.13 billion.
Meanwhile, assets of institutional money market funds rose $2.49 billion to $1.685 trillion. Among institutional funds, taxable money market fund assets rose $3.33 billion to $1.605 trillion. Assets of tax-exempt funds fell $850 million to $79.91 billion.
The seven-day average yield on money market mutual funds fell to 0.02 percent in the week that ended Tuesday from 0.03 percent in the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was unchanged from last week at 0.03 percent. The seven-day compounded fell to 0.02 percent from 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 unchanged at 49 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 fell to 0.11 percent from 0.12 percent the week before.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat from the week before at 0.05 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged at 0.18 percent. It fell to 0.29 percent from 0.30 percent on one-year CDs. It was flat at 0.47 percent on two-year CDs. It was unchanged at 0.45 percent on two-and-a-half-year CDs and flat at 0.96 percent on five-year CDs.