Crane 100 Index Inches Up to 4.95%
Money fund yields inched up by one basis point over the past week. Our Crane 100 Money Fund Index (7-Day Yield) was up 1 bp at 4.95% in the week ended Friday, 7/14, after also increasing by 1 bp 2 weeks prior. Yields are up from 4.90% on May 31, 4.64% on April 30, 4.61% on March 31, 4.39% on Feb. 28, 4.15% on Jan. 31 and 4.05% on 12/31/22. They've increased from 3.59% on Nov. 30, from 2.88% on Oct. 31 and from 2.66% on Sept. 30. Over half of money market fund assets now yield above the 5.0% level. Assets of money market funds rose by $97 million last week to $5.841 trillion according to Crane Data's Money Fund Intelligence Daily. Weighted average maturities were flat on the week at 23 days (Crane 100), but they rose by 3 days during June. The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 692), shows a 7-day yield of 4.84%, up 1 bp in the week through Friday. Prime Inst MFs were unchanged at 5.01% in the latest week. Government Inst MFs were up 1 bp at 4.91%. Treasury Inst MFs up 2 bps for the week at 4.90%. Treasury Retail MFs currently yield 4.68%, Government Retail MFs yield 4.61%, and Prime Retail MFs yield 4.86%, Tax-exempt MF 7-day yields were down 77 bps at 2.26%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (7/14), 26 money funds (out of 822 total) yield under 2.0%; 104 funds yield between 2.00% and 2.99% with $114.2 billion, or 2.0%; 6 funds yield between 3.00% and 3.99% ($868 million, or 0.0%), 448 funds yield between 4.0% and 4.99% ($2.229 trillion, or 38.2%) and 238 funds now yield 5.0% or more ($3.487 trillion, or 59.7%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.59% after rising 3 bps nine weeks ago. The latest Brokerage Sweep Intelligence, with data as of July 14, shows that there was one change over the past week. RW Baird increased rates to 2.99% for accounts between $1 million and $1.99 million and to 3.86% for accounts of $5 million or greater. Three of the 11 major brokerages tracked by our BSI still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
