Money Fund Yields Unchanged at 5.12%
Money fund yields were unchanged at 5.12% on average (as measured by our Crane 100 Money Fund Index) in the week ended June 14, after falling 2 basis points two weeks ago. Our Crane 100 is an average of 7-day yields for the 100 largest taxable money funds. Yields were 5.13% on 4/30, 5.14% on 3/31 and 2/29/24, 5.17% on 1/31/24, 5.20% on 12/31/23, 4.94% on 6/30/23, 4.61% on 3/31/23 and 4.05% on 12/31/22. The vast majority of money market fund assets now yield 5.0% or higher. Assets of money market funds rose by $20.5 billion last week to $6.504 trillion according to Crane Data's Money Fund Intelligence Daily. Weighted average maturities were unchanged last week. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 712), shows a 7-day yield of 5.02%, down 1 bp in the week through Friday. Prime Inst MFs were down 1 bp at 5.18% in the latest week. Government Inst MFs were unchanged at 5.11%. Treasury Inst MFs were down 1 bp at 5.06%. Treasury Retail MFs currently yield 4.85%, Government Retail MFs yield 4.82%, and Prime Retail MFs yield 5.02%, Tax-exempt MF 7-day yields were up 7 bps at 2.86%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/14), 75 money funds (out of 832 total) yield under 3.0% with $48.9 billion in assets, or 0.8%; 50 funds yield between 3.00% and 3.99% ($83.6 billion, or 1.3%), 256 funds yield between 4.0% and 4.99% ($1.328 trillion, or 20.4%) and 451 funds now yield 5.0% or more ($5.043 trillion, or 77.5%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.62%. The latest Brokerage Sweep Intelligence, with data as of June 14, shows that there was no changes over the past week. Four weeks prior we saw the removal of TD Ameritrade from the listings pushed the averages higher (2 bps). Three of the 10 major brokerages tracked by our BSI still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley. (Note: Five weeks ago we removed rates for TD Ameritrade from BSI since it completed its merger with Charles Schwab.)
