Money fund yields (7-day, annualized, simple, net) rose by 2 bps to 3.75% on average during the week ended Friday, October 30 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps a week ago. Money fund yields have moved higher over the past 5 weeks as they've digested the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should be flat or inch higher in coming days as they absorb the last remnants of the Fed's hike (and prepare for the next one). Yields were 3.75% on 10/30/26, 3.67% on 9/30, 3.51% on 8/31, 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 3.66%, up 3 bps in the week through Friday. Prime Inst money fund yields were up 3 bps at 3.86% in the latest week. Government Inst MFs were up 3 bps at 3.74%. Treasury Inst MFs were up 2 bps at 3.74%. Treasury Retail MFs currently yield 3.49%, Government Retail MFs yield 3.47% and Prime Retail MFs yield 3.64%, Tax-exempt MF 7-day yields were up 26 bps to 2.02%.
Assets decreased $21.8 billion in the week through Friday, and they've increased by $64.4 billion in October month-to-date (through 10/30). 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 decreased $48.0 billion in September, 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 35 days for the Crane MFA and 35 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 30, 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.
In other news, a statement titled, "The AMF publishes its recommendations on the liquidity of Money Market Funds" tells us, "The Autorité des marchés financiers (AMF) is publishing its recommendations on the liquidity of money market funds, following a public consultation conducted during the summer of 2026. These recommendations are part of a coordinated effort with the relevant authorities in Ireland and Luxembourg. They thus promote supervisory convergence among the main European jurisdictions hosting money market funds, against a backdrop of evolving regulatory frameworks at the international level, including in the United Kingdom."
It explains, "Building on the work carried out at the European and international levels following the market tensions observed in March 2020 regarding money market funds (MMFs), as well as recent publications by the European Commission regarding the application of the Money Market Fund Regulation (MMFR), the Autorité des Marchés Financiers launched on June 8, 2026 a public consultation on a draft recommendation aimed at strengthening the resilience of money market funds. These recommendations specify the AMF's expectations regarding the level of liquidity that money market funds should maintain as a general rule, as well as risk management practices."
France's AMF writes, "The recommendations refer to the levels of market resilience identified by the European Commission in its report on the adequacy of Regulation (EU) 2017/1131 ('MMFR') from a prudential and economic perspective, published in May 2026. They are set at: 20% weekly liquid assets ('WLA') for money market funds with variable net asset value ('VNAV MMFs'), compared with a regulatory minimum of 15% set by the MMFR; 40% WLA for money market funds with a constant net asset value based on government debt ('MMF PDCNAV') and money market funds with low-volatility net asset value ('MMF LVNAV'), compared to a regulatory minimum of 30% set by the MMFR."
They state, "The recommendation also aims to clarify the approach to be followed by the fund manager when a money market fund's weekly liquidity level falls sustainably below these market resilience thresholds. In particular, the AMF expects management companies to exercise heightened vigilance in monitoring the liquidity risk of the money market funds concerned, notably by implementing rapid escalation procedures and strengthened internal decision-making processes. When a breach of the market resilience level persists for a period of 10 business days or when a prolonged and/or significant deviation is anticipated, management companies must notify the AMF by providing relevant explanations and justifications, including, where applicable, the results of stress tests."
The AMF says, "For its part, when the AMF receives such a notification or identifies, based on available supervisory data, money market funds with liquidity levels that are persistently below market resilience thresholds, it will intensify its supervision and communications with the relevant managers, using a proportionate and risk-based approach."
Finally, they write, "Overall, respondents to the consultation supported the draft recommendation on money market fund liquidity, which will strengthen the regulatory framework for money market funds in strict alignment with MMFR requirements. The AMF would like to thank all individuals, institutions, and associations that responded to the consultation."
For more, see these Crane Data News stories: "European Money Fund Assets Record High $1.7 Tril; MFII Holdings; FCA" (6/15/26), "Reuters: UK to Tighten MF Rules" (5/28/26), "EC Report Proposes Higher Weekly Liquidity Levels for European MMFs" (5/18/26), and "European Money Fund Assets Inch Down to $1.67 Tril; MFI Intl Holdings" (5/15/26). See also these documents: "CSSF communication on Final Guidance on Money Market Fund Weekly Liquid Asset Levels," "Final Guidance on Money Market Fund (MMF) Weekly Liquid Asset Levels," and "CP168 – Publication of the Central Bank's Feedback Statement and Guidance on Money Market Fund Weekly Liquid Asset levels <i:https://www.centralbank.ie/regulation/markets-update/article/issue-18-2026/central-bank-of-ireland/cp168---publication-of-the-central-bank-s-feedback-statement-and-guidance-on-money-market-fund-weekly-liquid-asset-levels>`_."
