Tax-exempt money market funds fell $2.34 billion to $324.39 billion in net assets in the week ended Jan. 31, according to the Money Fund Report.

It was the third straight week of outflows from the tax-exempt funds, which have seen their net assets contract by 3% in that period. The sector lost $3.18 billion the week ended Jan. 24 and $4.35 billion the week ended Jan. 17.

The iMoneyNet average, seven-day simple yield for the 481 reporting tax-exempt money funds increased to 0.04% this week from 0.03%, while the average maturity fell to 30 days from 31.

Meanwhile, total net assets of the 1,132 taxable money funds dropped by $23.56 billion to $2.376 trillion in the week ended Feb. 1. That compares with a $5.79 billion inflow that boosted total net assets for taxable funds to $2.4 billion the week ended Jan. 25.

The seven-day yield for all taxable money funds was unchanged at 0.03% and the average maturity remained 45 days.

Overall, the combined assets of the 1,613 money funds in the report fell by $25.90 billion to $2.701 trillion in the week ended Feb. 2.

That compares with a previous $2.62 billion inflow, which boosted total net assets to $2.727 trillion in the week ended Jan. 25.

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