NEW YORK — Total U.S. money market mutual fund assets rose by $24.16 billion to $2.702 trillion for the week that ended Wednesday, according to the Investment Company Institute.
Assets in the nation's retail money market mutual funds increased by $2.25 billion to $919.46 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category rose by $490 million to $726.8 billion. Tax-exempt retail fund assets rose by $1.76 billion to $192.66 billion.
Assets in institutional money market funds rose $21.92 billion to $1.783 trillion. Among institutional funds, taxable money market fund assets rose $20.49 billion to $1.709 trillion. Assets of tax-exempt funds rose $1.42 billion to $73.67 billion.
The seven-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, Massachusetts The seven-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 average maturity of portfolios held by money market mutual funds fell to 48 days from 49 days from the prior week.
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 0.12 percent.
The North Palm Beach, Florida-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts remained steady at 0.05 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged at 0.14 percent, fell to 0.22 percent from 0.23 percent for one-year CDs and fell to 0.36 percent from 0.37 percent on two-year CDs. The five-year yield was unchanged at 0.79 percent.