April 9, 2008 / 6:59 PM / 11 years ago

US muni funds top $500 bln for first time-iMoneyNet

NEW YORK, April 9 (Reuters) - U.S. taxable money market funds reported inflows of nearly $46 billion in the latest week, while tax-free funds took in $11.5 billion, pushing them above $500 billion for the first time, the Money Fund Report said on Wednesday.

The tax-free sector’s new record was $504.8 billion, according to Money Fund Report, a service of iMoneyNet of Westborough, Massachusetts.

Taxable money market funds set a new record by rising to $2.985 trillion, the report said.

Taxable yields eased 1 basis point to 2.21 percent.

Tax-free fund yields plunged 27 basis points to 1.58 percent, said the report.

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