Money Fund Yields Remain at 3.75%
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.75% on average during the week ended Friday, November 6 (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 6 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%, unchanged in the week through Friday. Prime Inst money fund yields were down 1 bp at 3.85% in the latest week. Government Inst MFs were unchanged at 3.74%. Treasury Inst MFs were unchanged at 3.74%. Treasury Retail MFs currently yield 3.50%, Government Retail MFs yield 3.47% and Prime Retail MFs yield 3.64%, Tax-exempt MF 7-day yields were down 6 bps to 2.08%. Assets increased $44.6 billion in the week through Friday, and they've increased by $73.0 billion in November month-to-date (through 11/6). Assets are back to breaking records as they reached a new record of $8.447 trillion this past week (11/4) after spending months below their previous all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets increased $64.4 billion in October, 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 November 6, 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.
