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Retail Money Funds Down in Week

December 24, 1998

NEW YORK (AP) _ Assets of the nation’s 923 retail money market mutual funds fell by $1.50 billion in the latest week to $824.07 billion, the Investment Company Institute said Thursday.

Assets of the 572 taxable money market funds in the retail category fell by $590.0 million to $678.41 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 351 tax-exempt fund assets fell by $910.6 million to $145.67 billion.

Assets of the 750 institutional money market funds rose by $1.58 billion to $569.92 billion for the same period. Among institutional funds, the 587 taxable money market fund assets rose by $1.97 billion to $521.77 billion; assets of the 163 tax-exempt funds fell by $385.7 million to $48.14 billion.

Total money market assets stood at $1.394 trillion for the week.

Assets for the previous week were revised to $1.394 trillion to reflect reporting errors and a change in the number of funds reporting.

The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 4.54 percent from 4.56 percent the previous week, said IBC’s Money Fund Report, a trade journal published in Ashland, Mass., by IBC Financial Data Inc. The 30-day average yield fell to 4.54 percent from 4.55 percent, IBC Financial Data said.

The seven-day compounded yield fell to 4.64 percent from 4.67 percent the previous week, and the 30-day compounded yield fell to 4.64 percent from 4.65 percent, IBC Financial Data said.

The average maturity of the portfolios held by money funds was 57 days, down from 58 days, IBC Financial Data said.

The newsletter Bank Rate Monitor 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 2.24 percent as of Wednesday from 2.25 percent a week earlier.

The North Palm Beach, Fla.-based newsletter said the annual percentage yield available on interest-bearing checking accounts held steady at 1.01 percent.

Bank Rate Monitor said the annual percentage yield was 4.16 percent on six-month certificates of deposit, unchanged from the previous week. Yields were 4.27 percent on 1-year CDs, down from 4.28 percent; 4.35 percent on 2 1/2-year CDs, down from 4.36 percent; and 4.49 percent on 5-year CDs, down from 4.50 percent.

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