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U.S. money-market fund assets climbed $10.90 billion for the week ended Dec. 27, reversing outflows totaling about $37.0 billion the prior week, according to Money Fund Report®, an Informa Business Intelligence Inc. company.

Total fund assets settled at $2.696 trillion for the week. Taxable money fund assets were up by $11.07 billion to $2.565 trillion. Prime Institutional fund assets inched up $651.8 million. Government Institutional fund assets fell $14.80 billion while Taxable Retail fund assets rose by $25.22 billion.

Tax-Free fund assets were down by $172.6 million, lowering their total to $131.12 billion.

The iMoneyNet Money Fund Average™ 7-Day Simple Yield for All Taxable money-market funds increased to 0.23 percent from 0.22 percent the week before. The iMoneyNet Money Fund Average™ 7-Day Simple Yield for All Tax-Free and Municipal money-market funds was 0.25 percent, up from 0.21 percent the previous week.

There were 861 taxable and 237 tax-free and municipal money-market funds reporting this week. iMoneyNet has tracked taxable MMFs since 1975, tax-free funds since 1981, and non-U.S. money funds since 1999.

Note to Media Members: To receive this weekly data summary by e-mail, send request to mkrasner@imoneynet.com.

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    As U.S. money-market funds in Q4-2020 underperformed the two prior quarters, so too in January 2021 they underperformed Q4 as the money-fund industry continued its search for a new asset and yield equilibrium. Total assets in January 2021 settled at $4.263 trillion, down 0.2 percent from Q4 2020. Taxable Retail and Taxable Institutional fund assets also fell slightly short of Q4 levels, the former falling to $1.350 trillion in January from $1.354 trillion at end-December 2020 and the latter slipping to $2.808 trillion from $2.813 trillion at end-Q4. Despite the asset drawdown in last year’s second half, total assets remained high in the first month of 2021, up 19.6 percent compared to the year-ago-January total. The average maturity of Taxable funds stood at 47 days, up from 32 days in January 2020; for Tax-Free funds in January, the WAM had descended to 24 days from 32 days in the prior year.

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