Money market fund assets, which had been climbing to new records, now appear to have switched flow directions as yields fall. The Wall Street Journal reports that, according to iMoney Net's Money Fund Report, money fund assets fell $27.95 billion in the week ended Tuesday, to $3.82 trillion.

Meanwhile, money fund yields fell. Taxable seven-day simple yields fell five basis points to 55 bps and 30-day yields fell seven bps to 66 bps. Tax-free funds faced similar yield drops. 

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