Tax-Frees Keep Sliding, Drop Another 7 Basis Points

Fine, Jacob
May 2006
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p7
Trade Publication
The article presents information on the performance of tax-free money market funds in the U.S. as of May 2006. According to iMoneyNet Inc., tax-free money market funds' average weekly yield in May 2006 fell another seven basis points to 2.86% on an annualized basis on May 23, 2006. According to the Westborough, Massachusetts-based fund tracker, over the past three weeks in May, the funds' average yield has fallen a total of 24 basis points from over 3%. Assets in the funds rose $318.3 million to $349.37 billion during the week, mainly due to retail funds. Retail funds gained a net $2.41 billion, while assets in institutional funds fell by $2.09 billion. The average weekly taxable fund yield rose four basis points to 4.38% after increasing eight basis points the week before.


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