June 5, 2019 / 7:52 PM / 4 months ago

UPDATE 1-U.S. money market assets grow six straight weeks -iMoneyNet

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    NEW YORK, June 5 (Reuters) - U.S. money market fund assets
rose for a sixth consecutive week, bringing the total to a fresh
nine-plus year peak as investors piled cash into low-risk funds
on concerns about global trade tensions, a private report
released on Wednesday showed.
    U.S. money fund assets grew by $10.08 billion to $3.121
trillion in the week ended June 4, the Money Fund Report said.
    During this six-week stretch, total fund assets increased by
$111 billion.
    U.S. President Donald Trump said on Wednesday he thinks
Mexico wants to make a deal in the neighbors' immigration
dispute, but that he will go ahead with tariffs on Mexican goods
if it does not do more to control migration.             
    Trump's threat of tariffs on Mexican imports, which may go
into effect next week, intensified a scramble among investors to
sock their money into cash and other safe-haven assets.
    It remains unclear whether Washington and Beijing would
reach a trade pact after talks unexpectedly broke down a month
ago.
    Taxable money market fund assets climbed by $11.53 billion
to $2.985 trillion, while tax-free assets declined by $1.45
billion to $136.13 billion, according to the report, published
by iMoneyNet.     
    The iMoneyNet average seven-day simple yield for taxable
money funds rose to 2.04% from a five-month low of 2.02% last
week. The weighted average maturity among taxable funds
increased to 30 days from 29 days.
    The iMoneyNet average seven-day yield for tax-free and
municipal funds jumped to 1.11% from 0.99%, which was the lowest
since late January. The weighted average maturity of tax-free
funds was unchanged at 22 days.

    
 (Reporting by Richard Leong
Editing by Susan Thomas)
  
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