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Money Funds Fell in Latest Week

January 3, 1998

NEW YORK (AP) _ Assets of the nation’s 671 retail money market mutual funds fell by $5.79 billion in the latest week to $695.52 billion, the Investment Company Institute said Friday.

Assets of the 403 taxable money market funds in the retail category fell by $3.67 billion to $571.22 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. The 268 tax-exempt fund assets fell by $2.11 billion to $124.30 billion.

Assets of the 347 institutional money market funds fell by $12.81 billion to $366.85 billion for the same period. Among institutional funds, the 283 taxable money market fund assets fell by $10.66 billion to $329.63 billion; assets of the 64 tax-exempt funds fell by $2.15 million-billion to $37.22 billion.

Total money market assets stood at $1.062 trillion for the week.

Assets for the previous week were revised to $1.080 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 Monday to 5.12 percent from 5.13 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 rose to 5.10 percent from 5.09 percent, IBC Financial Data said Wednesday.

The seven-day compounded yield fell to 5.25 percent from 5.27 percent the previous week, and the 30-day compounded yield rose to 5.23 percent from 5.22 percent, IBC Financial Data said.

The average maturity of the portfolios held by money funds was 54 days, down from 56 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 2.60 percent as of Wednesday from 2.61 percent a week earlier.

The North Palm Beach, Fla.-based newsletter said Wednesday that the annual percentage yield available on interest-bearing checking accounts held steady at 1.29 percent.

Bank Rate Monitor said the annual percentage yield was 4.88 percent on six-month certificates of deposit, down from 4.90 percent the previous week. Yields were 5.15 percent on 1-year CDs, down from 5.17 percent; 5.34 percent on 2 1/2-year CDs, down from 5.36 percent; and 5.53 percent on 5-year CDs, down from 5.55 percent.

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