Submitted by Fox First at Ten on September 27th
By The Associated Press
NEW YORK (AP) - Total U.S. money market mutual fund assets rose $8.52 billion to $2.576 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell $1.25 billion to $887.4 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $500 million to $699.53 billion. Tax-exempt retail fund assets fell $750 million to $187.88 billion.
Meanwhile, assets of institutional money market funds rose $9.77 billion to $1.689 trillion. Among institutional funds, taxable money market fund assets rose $10.53 billion to $1.608 trillion. Assets of tax-exempt funds fell $760 million to $80.63 billion.
The seven-day average yield on money market mutual funds was unchanged from the previous week at 0.03 percent in the week that ended Tuesday, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds rose to 48 days from 47 days.
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 from the previous week.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat from the week before at 0.05 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was flat from the previous week at 0.19 percent. It was flat at 0.30 percent on one-year CDs and flat at 0.48 on two-year CDs. It fell to 0.45 percent from 0.46 percent on two-and-a-half-year CDs and fell to 0.98 percent from 0.99 percent on five-year CDs.
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