March 26, 2008 / 8:28 PM / 12 years ago

U.S. taxable money funds gain $52 bln - iMoneyNet

NEW YORK, March 26 (Reuters) - U.S. taxable money market funds reported inflows of $52 billion in the latest week to a record $2.97 trillion, the Money Fund Report said on Wednesday.

Tax-free money funds had nearly $1.3 billion of inflows, pushing their total to $490 billion, according to Money Fund Report, a service of iMoneyNet of Westborough, Massachusetts.

Taxable yields dropped 45 basis points to 2.17 percent, which showed they quickly responded to the latest rate cut by the Federal Reserve, the report said. The U.S. central bank last week cut rates by 75 basis points to 2.25 percent.

Tax-free fund yields plunged 29 basis points to 2.04 percent, said the report. (Reporting by Joan Gralla; Editing by Jonathan Oatis)

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