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Money fund assets increase by $7.66 billion to $2.62 trillion in most recent week

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(Globalpost/GlobalPost)

NEW YORK, N.Y. - Total U.S. money market mutual fund assets rose $7.66 billion to $2.62 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Assets in the nation's retail money market mutual funds increased $5.29 billion to $924.26 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category increased $ 2.6 billion to $728.87 billion. Tax-exempt retail fund assets rose $2.68 billion to $195.38 billion.

Assets in institutional money market funds rose $2.37 billion to $1.696 trillion. Among institutional funds, taxable money market fund assets increased $800 million to $1.623 trillion. Assets of tax-exempt funds rose $1.58 billion to $72.52 billion.

The 7-day average yield on money market mutual funds was unchanged at 0.01 per cent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 7-day compounded yield was flat at 0.01 per cent. The 30-day yield and the 30-day compounded yield were both unchanged at 0.01 per cent, Money Fund Report said Wednesday.

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 were unchanged from the week before at 0.11 per cent.

The North Palm Beach, Fla.-based unit of Bankrate Inc. said Wednesday that the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.05 per cent.

Bankrate.com said the annual percentage yield on six-month certificates of deposit was flat at 0.15 per cent. Rates were also flat at 0.24 per cent on one-year CDs, 0.37 per cent on two-year CDs. Five-year yields were unchanged at 0.78 per cent.

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