Crane 100 MF Index Rises to 3.66%
Money fund yields (7-day, annualized, simple, net) rose 9 basis points to 3.66% on average during the week ended Friday, September 25 (as measured by our Crane 100 Money Fund Index), after increasing 6 bps the week prior. Money fund yields continued moving higher over the past week as they digest the Federal Reserve's Sept. 16 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. Yields were 3.51% on 8/31/26, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.56%, up 9 bps in the week through Friday. Prime Inst money fund yields were up 11 bps at 3.80% in the latest week. Government Inst MFs were up 10 bps at 3.65%. Treasury Inst MFs were up 7 bps at 3.63%. Treasury Retail MFs currently yield 3.39%, Government Retail MFs yield 3.37% and Prime Retail MFs yield 3.56%, Tax-exempt MF 7-day yields were up 22 bps to 2.79%. Assets increased $11.4 billion in the week through Friday, and they've decreased by $16.1 billion in September month-to-date (through 9/25). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 37 days for the Crane MFA and 37 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of September 25, shows one change over the past week, RW Baird raised rates for all accounts of $1K to $999K to 1.07%, accounts of $1 million to $1.9 million to 1.71% and accounts of $5 million and greater to 2.24%. 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.
