Crane 100 Index Rises to 4.35%
Money fund yields moved higher again last week; our Crane 100 Money Fund Index (7-Day Yield) rose 12 basis points to 4.35% in the week ended Friday, 2/10. Yields rose by 9 basis points the previous week. They're up from 4.05% on 12/31/22, and up from 3.59% on Nov. 30, 2.88% on Oct. 31 and 2.66% on Sept. 30. Yields should inch higher in coming days as they digest the remainder of the Fed's Feb. 1 25 bps rate hike. The top-yielding money market funds have broken above 4.50% and should move towards 4.75% in coming days. (See our "Highest-Yielding Money Funds" table above). The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 675), shows a 7-day yield of 4.22%, up 11 bps in the week through Friday. Prime Inst MFs were up 13 bps at 4.47% in the latest week. Government Inst MFs rose by 12 bps to 4.27%. Treasury Inst MFs up 9 bps for the week at 4.23%. Treasury Retail MFs currently yield 4.01%, Government Retail MFs yield 3.99%, and Prime Retail MFs yield 4.30%, Tax-exempt MF 7-day yields were up at 2.45%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (2/10), Only 15 funds (808 total) are now below the 2.0% yield mark this past week, as many continue to rise over 4.0%; just 15 funds yield between 0.00% and 1.99% with $693 million, or 0.0%; 116 funds yield between 2.00% and 2.99% with $107.9 billion, or 2.1%; 142 funds yield between 3.00% and 3.99% ($127.0 billion, or 2.4%), and 535 funds yield 4.0% or more ($4.962 trillion, or 95.5%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged last week at 0.52%. The latest Brokerage Sweep Intelligence, with data as of Feb. 10, shows that there were no changes over the past week. Just 3 of 11 major brokerages still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
