Crane 100 MF Index Dips to 3.44%
Money fund yields (7-day, annualized, simple, net) were down 1 basis point to 3.44% on average during the week ended Friday, May 15 (as measured by our Crane 100 Money Fund Index), after decreasing one bps the 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 three weeks ago. 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 684), shows a 7-day yield of 3.34%, down 1 bp in the week through Friday. Prime Inst money fund yields were down 1 bp at 3.56% in the latest week. Government Inst MFs were down 1 bp at 3.43%. Treasury Inst MFs were down 1 bp at 3.40%. Treasury Retail MFs currently yield 3.17%, Government Retail MFs yield 3.15% and Prime Retail MFs yield 3.35%, Tax-exempt MF 7-day yields were down 26 bps to 2.01%. 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 $79.8 billion in the week through Friday, and they've increased by $132.3 billion in May month-to-date (through 5/15). 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 43 days for the Crane MFA and 44 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (5/15), just 178 money funds (out of 794 total) yield under 3.0% with $240.9 billion in assets, or 2.9%, while the vast majority (616) of funds yield between 3.00% and 3.99% ($7.974 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 twenty weeks prior. The latest Brokerage Sweep Intelligence, with data as of May 15, 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.
