Crane 100 MF Index Dips to 3.77%
Money fund yields (7-day, annualized, simple, net) decreased by 3 bps to 3.77% on average during the week ended Friday, November 14 (as measured by our Crane 100 Money Fund Index), after falling 10 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 rate 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 3.68%, down 3 bps in the week through Friday. Prime Inst money fund yields were down 2 bps at 3.87% in the latest week. Government Inst MFs were down 4 bps at 3.78%. Treasury Inst MFs were down 2 bps at 3.73%. Treasury Retail MFs currently yield 3.50%, Government Retail MFs yield 3.49% and Prime Retail MFs yield 3.67%, Tax-exempt MF 7-day yields were down 26 bps to 2.21%. Assets of money market funds rose by $13.7 billion last week to $7.899 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $7.931 trillion on November 13. Month-to-date in November (through 11/14), MMF assets have increased $48.9 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 (11/14), 126 money funds (out of 790 total) yield under 3.0% with $151.9 billion in assets, or 1.9%; 644 funds yield between 3.00% and 3.99% ($7.339 trillion, or 92.9%), 20 funds yield between 4.0% and 4.99% ($407.8 billion, or 5.2%) 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 1 bp to 0.32%, after falling 2 basis points the week prior. The latest Brokerage Sweep Intelligence, with data as of November 14, shows one change over the past week. Ameriprise Financial Services lowered rates for accounts of $1 to $249K to 0.05%, accounts of $250K to $499K to 0.10%, accounts of $500K to $999K to 0.15%, accounts of $1M to $4.9M to 1.19% and accounts of $5M or greater to 1.73%. 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.
