Charles Schwab'​s earnings demonstrated the benefits of the disappearance of money fund fee waivers and the appearance of interest rate spreads and higher rates. CFO Peter Crawford comments, "​Our second quarter financial results demonstrated the power of our all-​weather model as we supported our clients through an increasingly challenging environment.... Record total revenue of $​5.​1 billion, up 13% versus the prior year, reflected a combination of ongoing business momentum, rapidly tightening monetary policy, and continued strength in client engagement. Net interest revenue was up 31% from the prior year as higher interest rates and client cash balances more than offset the impact of softer securities lending activity.... During the quarter, total assets contracted by 6% to $​638 billion. This decrease was primarily attributable to record tax disbursements in April as well as expected client cash sorting behavior during the latter part of the period." Crane Data shows Schwab'​s money market funds increasing by $​11.​8 billion, or 8.​0%, to $​159.​2 billion in June, and by $​16.​1 billion, or 11.​3% in the latest quarter. Schwab is the 12th largest manager of money market funds.

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