Crane 100 MF Index Falls to 3.53%
Money fund yields (7-day, annualized, simple, net) decreased by 5 bps to 3.53% on average during the week ended Friday, January 9 (as measured by our Crane 100 Money Fund Index), after increasing 1 bp the week prior. Fund yields should inch lower in coming days as they digest the last of the Fed's Dec. 10 25 bps rate cut. Yields were 3.58% on 12/31/25, 3.78% on 11/30, 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, 4.14% 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 3.43%, down 5 bps in the week through Friday. Prime Inst money fund yields were down 6 bps at 3.64% in the latest week. Government Inst MFs were down 6 bps at 3.53%. Treasury Inst MFs were down 5 bps at 3.48%. Treasury Retail MFs currently yield 3.25%, Government Retail MFs yield 3.24% and Prime Retail MFs yield 3.44%, Tax-exempt MF 7-day yields were down 101 bps to 1.39%. Money market mutual fund assets rose by $5.7 billion on Tuesday (1/6), hitting a new record high of $8.165 trillion after breaking the $8.1 trillion barrier for the first time ever on 12/26, according to our Money Fund Intelligence Daily. Assets have fallen $8.2 billion in the week through Friday and they've jumped by $34.2 billion in January month-to-date (through 1/9). MMF assets increased by $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. But MMFs decreased $24.4 billion in April. Assets increased by $2.8 billion in March, $94.2 billion in February, and $52.8 billion last January. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (1/9), 156 money funds (out of 789 total) yield under 3.0% with $198.3 billion in assets, or 2.4%; 633 funds yield between 3.00% and 3.99% ($7.945 trillion, or 97.6%); and now zero funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.30%, after falling 1 basis point three weeks prior. The latest Brokerage Sweep Intelligence, with data as of January 9, shows one change over the past week. Ameriprise Financial Services lowered rates to 0.03% for accounts between $1K and $249K, to 0.08% for accounts of $250K to $499K, to 0.1% for accounts of $500K to $999K, to 1.0% for accounts of $1M to $4.9M and to 1.49% for accounts of $5M and greater. Four 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, Morgan Stanley and Schwab.
