Crane 100 MF Index Falls to 3.80%
Money fund yields (7-day, annualized, simple, net) decreased by 10 bps to 3.80% on average during the week ended Friday, November 7 (as measured by our Crane 100 Money Fund Index), after falling 2 bps the week prior. Fund yields should continue moving lower in coming days as they digest the remainder of the Fed's Oct. 29 25 bps cut. Yields were 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 679), shows a 7-day yield of 3.70%, down 9 bps in the week through Friday. Prime Inst money fund yields were down 14 bps at 3.89% in the latest week. Government Inst MFs were down 11 bps at 3.82%. Treasury Inst MFs were down 6 bps at 3.75%. Treasury Retail MFs currently yield 3.52%, Government Retail MFs yield 3.52% and Prime Retail MFs yield 3.70%, Tax-exempt MF 7-day yields were down 19 bps to 2.47%.`Assets of money market funds rose by $35.2 billion last week to $7.885 trillion <b:>`_, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $7.925 trillion on November 4. Month-to-date in November (through 11/7), MMF assets have increased $35.2 billion, after increasing by $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December and $200.5 billion last November. Weighted average maturities were at 39 days for the Crane MFA and 41 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (11/7), 121 money funds (out of 790 total) yield under 3.0% with $150.6 billion in assets, or 1.9%; 636 funds yield between 3.00% and 3.99% ($7.180 trillion, or 91.1%), 33 funds yield between 4.0% and 4.99% ($554.6 billion, or 7.0%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was down 2 bps to 0.33%, after falling 1 basis point the week prior. The latest Brokerage Sweep Intelligence, with data as of November 7, shows three changes over the past week. Ameriprise Financial Services lowered rates for accounts of $250K to $999K to 0.20% and accounts of $1M to $4.9M to 1.39%. Raymond James lowered rates for accounts of $1K to $249K to 0.05%, accounts of $250K to $499K to 0.10%, accounts of $500K to $999K to 0.12%, accounts of $1M to $4.9M to 1.15% and accounts of $10M or greater to 1.75%. RW Baird lowered rates for accounts of $1K to $999K to 1.05%, accounts of $1M to $1.9M to 1.69% and accounts of $5M or greater to 2.22%. Three of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
