The Associated Press
Posted: 08/05/2010 03:43:32 PM PDT
Updated: 08/05/2010 03:43:33 PM PDT
NEW YORK—Total money market mutual fund assets rose by $19.21 billion to $2.819 trillion for the week, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell by $830 million in the latest week to $977.82 billion.
Assets of taxable money market funds in the retail category fell by $2.35 billion to $766.59 billion for the week ended Wednesday, the Washington-based mutual fund trade group said. Retail tax-exempt fund assets rose by $1.53 billion to $211.23 billion.
Assets of institutional money market funds rose by $20.04 billion to $1.841 trillion for the same period. Among institutional funds, taxable money market fund assets rose by $18.46 billion to $1.706 trillion; assets of institutional tax-exempt funds rose by $1.57 billion to $134.85 billion.
The seven-day average yield on money market mutual funds in the week ended Tuesday was 0.04 percent, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westboro, Mass. The 30-day average yield was also flat at 0.04 percent, according to Money Fund Report.
The seven-day and 30-day compounded yields were both unchanged at 0.04 percent, Money Fund Report said.
The average maturity of the portfolios held by money funds was 39 days, unchanged, said Money Fund Report.
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 0.2 percent as of Wednesday from 0.21 percent week earlier.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat at 0.13 percent.
Bankrate.com said the annual percentage yield was 0.38 percent on six-month certificates of deposit, unchanged from the previous week. Yields were 0.66 percent on 1-year CDs, down from 0.67 percent; 1.04 percent on 2 1/2-year CDs, down from 1.06 percent; and 1.93 percent on 5-year CDs, down from 1.99 percent.
From Mercury News.Com published on Posted: 08/05/2010 03:43:32 PM PDT