Crane 100 MF Index Dips to 3.45%
Money fund yields (7-day, annualized, simple, net) were down 2 bps at 3.45% on average during the week ended Friday, May 8 (as measured by our Crane 100 Money Fund Index), after increasing 1 basis point three week prior. Fund yields hadn't been below 3.5% since November 2022, and they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) since the Fed left short-term rates unchanged two weeks prior. Yields were 3.47% on 4/30/26 and 3/31/26, 3.49% on 2/28/26, 3.50% on 1/31/26, 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 682), shows a 7-day yield of 3.35%, down 2 bps in the week through Friday. Prime Inst money fund yields were down 2 bps at 3.57% in the latest week. Government Inst MFs were down 2 bps at 3.44%. Treasury Inst MFs were down 1 bp at 3.41%. Treasury Retail MFs currently yield 3.18%, Government Retail MFs yield 3.17% and Prime Retail MFs yield 3.36%, Tax-exempt MF 7-day yields were down 54 bps to 2.27%. Money market mutual fund assets have fallen since hitting a record high of $8.280 trillion on March 18, according to our Money Fund Intelligence Daily. Assets have risen $13.7 billion in the week through Friday, and they've increased by $52.5 billion in May month-to-date (through 5/8). MMF assets decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $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 last May. Weighted average maturities were at 42 days for the Crane MFA and 43 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (5/8), just 170 money funds (out of 792 total) yield under 3.0% with $238.6 billion in assets, or 2.9%, while the vast majority (622) of funds yield between 3.00% and 3.99% ($7.897 trillion, or 97.1%). No 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 nineteen weeks prior. The latest Brokerage Sweep Intelligence, with data as of May 8, shows no changes over the past week. 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.
