Money Market News
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets inching higher by $7.5 billion to a record $7.673 trillion after increasing by $10.7 billion the previous week. Assets have risen in 12 of the last 14 weeks and 20 of the past 23 weeks. MMF assets are up by $868 billion, or 12.7%, over the past 52 weeks (through 12/23/25), with Institutional MMFs up $513 billion, or 12.5% and Retail MMFs up $355 billion, or 13.1%. Year-to-date, MMF assets are up by $823 billion, or 12.0%, with Institutional MMFs up $490 billion, or 11.9% and Retail MMFs up $333 billion, or 12.2%. (Note: Merry Christmas and Happy Holidays from Crane Data! Thanks again to those who attended our Money Fund University in Pittsburgh last week. Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
J.P. Morgan Asset Management recently published a "Liquidity Insight" titled, "Tokenization: Transforming Money Market Funds for the Digital Era." They write, "The financial industry is undergoing a profound transformation as tokenization reshapes how money market funds are structured, traded, and accessed. As blockchain technology moves further into mainstream finance, tokenized money market funds are emerging as one of the most impactful applications." (Note: Merry Christmas and thanks again to those who attended our Money Fund University in Pittsburgh last week! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
The SEC published its latest quarterly "Private Funds Statistics" report recently, which summarizes Form PF reporting and includes some data on "Liquidity Funds," or pools which are similar to but not money market funds. The publication shows overall Liquidity fund assets were higher in the latest reported quarter (Q1'25) at $374 billion (up from $358 billion in Q4'24 and up from $333 billion in Q1'24). We also again briefly review the SEC's "Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers" which went into effect last year, below. (Note: Merry Christmas and thanks to those who attended our Money Fund University in Pittsburgh last week! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
J.P. Morgan published "Short-Term Fixed Income 2026 Outlook" recently, which explains, "[W]ith rates still well above 3%, cash has continued to pour into MMFs. Inflows have persisted even as the Fed cuts rates, supported by interest reinvestment, an inverted yield curve, persistent market volatility, and potentially AI-related debt raises with proceeds not yet fully deployed. MMFs have remained a preferred haven for investors seeking stability, yield, and a place to park liquidity, pushing AUMs up $736bn (or 10%) to north of $7.8tn YTD." (Note: Thanks to those who attended our Money Fund University in Pittsburgh last week! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary this month, after a previous 2-month publication delay due to the government shutdown the month prior. The report shows that total money fund assets rose by $125.1 billion in November 2025 to a record high $8.055 trillion, after hitting $7.930 trillion the month prior. The SEC shows Prime MMFs increased $3.1 billion in November to $1.341 trillion, Govt & Treasury funds increased $115.4 billion to $6.563 trillion and Tax Exempt funds increased $6.5 billion to $151.3 billion. Taxable yields were lower in November after being flat to slightly lower in October. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets increasing $132.8 billion in November 2025 to a record of $7.992 trillion. In December month-to-date through 12/17, total money fund assets have increased by $50.3 billion to $8.033 trillion, previously hitting a record high of $8.066 trillion (12/11), according to Crane Data's separate, and slightly smaller, MFI Daily series.) (Note: Thanks to those who attended our Money Fund University in Pittsburgh this …
Dramatic asset growth was again the biggest story of the year, as money market fund assets jumped by $850 billion to a record $8.07 trillion (through 12/11), after jumping by $800 billion last year and over $1.0 trillion the year before. In 2023, rising yields were the big news, but yields have moved lower in 2024 and 2025. Yields continue declining; they are now approaching 3.60%. So declining but still attractive yields were a big theme of 2025. Other major headlines of 2025 included: the growth of tokenized money market funds, stablecoin reserve funds and money fund ETFs. Below, we excerpt from a number of our biggest and most representative news stories of 2025 to highlight the major trends of the past year. (Note: For those attending our Money Fund University this week, welcome to Pittsburgh! Clients and friends are welcome to stop by Crane Data's Holiday Cocktail Party at MFU at the Pittsburgh Westin on Thursday, 12/18 from 5-7:30pm! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
A press release titled, "J.P. Morgan Asset Management Launches Its First Tokenized Money Market Fund," states, "J.P. Morgan Asset Management ... announced the launch of its first tokenized money market fund, My OnChain Net Yield Fund ('MONY'), now available on the public Ethereum blockchain. Powered by Kinexys Digital Assets, the firm's industry-leading, multi-chain asset tokenization solution, MONY is a 506(c) private placement fund providing qualified investors the opportunity to earn U.S. dollar yields by subscribing through Morgan Money, the firm's open architecture trading and analytics platform for liquidity management. Morgan Money is the first institutional liquidity trading platform to integrate traditional and on-chain assets offering investors access to a full-range of money market products." (Note: Please join us for our "basic training" event, Money Fund University, which takes place Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Third Quarter 2025," which shows that money fund assets globally rose by $430.2 billion, or 3.5%, in Q3'25 to a record $12.745 trillion. (The totals would have been $13.017 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in the U.S. and China, while Ireland and Luxembourg also rose. Meanwhile, money funds in Republic of Korea were lower. MMF assets worldwide increased by $1.530 trillion, or 13.6%, in the 12 months through 9/30/25, and money funds in the U.S. now represent 57.4% of worldwide assets. In Q1, European money fund asset totals surpassed Asian money fund totals for the first time since Q4'2017, and they continue to rise. We review the latest Worldwide MMF totals, below. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place this week, Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds inched higher over the past 30 days to $1.604 trillion, rising from $1.597 trillion the month prior. Yields inched lower, while assets for USD and GBP MMFs rose and EUR MMFs fell over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and 2025 (after a pause in Q2'25). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $1.0 billion over the 30 days through 12/11. The totals are up $171.1 billion (11.9%) year-to-date for 2025. They were up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. Dollar cause Euro and Sterling totals to shift when they're translated back into totals in USD. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.) (Note too: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University …
The December issue of our Bond Fund Intelligence, which was sent to subscribers Friday a.m., features the stories, "Outlook for 2026: Unanswered Questions, But Bonds Beckon," which reviews the outlooks for next year from Federated, Fidelity and Charles Schwab; and "Vanguard Debuts Core-Plus Bond ETF; New T. Rowe ETFs," which covers recent press releases on new bond ETFs. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were higher again in November while yields moved lower. We excerpt from the new issue below. (Contact us if you'd like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.) (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place next week, Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
As expected, the Federal Reserve's FOMC cut interest rates by a quarter percent to a range of 3.5-3.75%, which means that money market fund yields should decline by a similar amount over the coming month. Our Crane 100 Money Fund Index, an average of the 100 largest money funds, should fall from its current 3.72% in coming days. (Money funds have a WAM, or weighted average maturity of 40 d,ays currently, so they should take this long to reflect the full Fed move.) The release titled, "Federal Reserve issues FOMC statement," tells us, "Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated." (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place next week, Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
Crane Data's December Money Fund Portfolio Holdings, with data as of Nov. 30, 2025, show that holdings of Treasuries and Repo both increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $134.3 billion to $7.888 trillion in November, after increasing $158.4 billion in October, $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $84.0 billion in June and $72.0 billion in May. They decreased by $73.8 billion in April. Assets rose by $45.6 billion in March, $53.7 billion in February, $84.1 billion in January and $88.0 billion in December. Treasuries, the largest portfolio composition segment, increased by $67.4 billion. Repo, the second largest segment, increased $69.5 billion in November. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
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