Fell $1.23 Billion in Latest Week
NEW YORK (AP) _ Assets of the nation’s 523 money market mutual funds fell $1.23 billion in the latest week to $417.1 billion, the Investment Company Institute said Thursday.
The decline in the seven-day period ended Wednesday followed a $2.94 billion increase in fund assets the previous week to an all-time high of $418.33 billion,the Washington-based mutual trade fund group said.
It said that in the latest week, assets of 259 general purpose funds fell by $153.2 milion to $148.63 billion; assets of 104 broker-dealer funds fell $356.7n million to $164.97 billion; and assets of 160 institutional funds fell $724.4 million to $103.49 billion.
The seven-day average yield on money market mutual funds fell in the week ended Tuesday to 7.34 percent from 7.38 percent the previous week, said Donoghue’s Money Fund Report, a trade journal based in Holliston, Mass.
The 30-day average yield slipped to 7.40 percent from 7.42 percent, Donoghue’s said.
The average maturity of the portfolios held by money funds was 49 days, the same as the previous week, Donoghue’s 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 effective annual yield available on money market accounts fell to 6.01 percent as of Wednesday from 6.02 percent a week earlier.
The North Palm Beach, Fla.-based newsletter said the effective annual yield available on special savings accounts, called Super NOW accounts, was 5.08 percent, unchanged from the previous week.
Bank Rate Monitor said the effective annual yield was 7.58 percent on six- month certificates of deposit, down from 7.60 percent the previous week. Yields were 7.71 percent on 1-year CDs, down from 7.73 percent; 7.80 percent on 2 1/2 -year CDs, down from 7.84 percent; and 8.03 percent on 5-year CDs, unchanged from the previous week.