Money Market News
The Federal Reserve released its latest quarterly "Z.1 Financial Accounts of the United States" statistical survey (a.k.a. "Flow of Funds") late last week, and among the 4 tables it includes on money market mutual funds, the First Quarter 2026 edition show that Total MMF Assets increased by $99 billion to $8.290 trillion in Q1'26. The Household Sector, by far the largest investor segment with $5.419 trillion, saw the biggest asset increase in Q1, followed by Other Financial Business (formerly Funding Corps) and Nonfinancial Corporate Business. The Fed's latest Z.1 numbers, which contain one of the few looks at money fund investor segments available, also showed noticeable increases for the Exchange-traded Funds and Rest of the World categories in Q1 2026.
Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds increased over the past 30 days to a new record high of $1.697 trillion, the previous record of $1.672 trillion was seen two months prior. Yields were mixed, while assets for USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $29.5 billion over the 30 days through 6/11. The totals are up $113.1 billion (7.1%) year-to-date for 2026. They were up $151.9 billion (10.6%) for 2025, 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: Mark your calendars for our next European Money Fund Symposium, which will be held Sept. 24-25 in Paris, France.)
The June issue of our Bond Fund Intelligence, which will be sent to subscribers Friday a.m., features the articles, "NY Fed Examines Credit Cycle & Corporate Bond Returns," which reviews a recent report from the Federal Reserve Bank of New York; and "Ultra-Short Bond Funds Becoming Popular Again," which excerpts from several recent articles on the resurgence of ultra-short bond funds. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns rose again in May while yields jumped. 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.)
A press release tells us, "T. Rowe Price Marks 50 Years of Money Market and Tax-Free Mutual Funds." It says, "T. Rowe Price, a premier global investment management firm and a leader in retirement, is marking 2026 with the 50th anniversaries for two mutual funds: T. Rowe Price Government Money Fund (PRRXX) and T. Rowe Price Tax-Free Income Fund (PRTAX). The anniversaries come at a time of heightened market volatility, underscoring investors' needs for liquidity management, tax-efficiency, and portfolio resilience. These were the first T. Rowe Price mutual funds in each category, and they join six other firm funds with track records of 50 years or more." (Note: Register soon for our upcoming Money Fund Symposium, which will take place in just 2 weeks -- June 24-26 -- in Jersey City, NJ!)
Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 2026, show that holdings of Treasuries jumped sharply last month. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $255.9 billion to $8.225 trillion in May, after decreasing $105.9 billion in April and $103.0 billion in March. Taxable assets increased $113.2 billion in February, but they decreased $54.6 billion in January. Holdings increased $231.8 billion in December, $134.3 billion in November and $158.4 billion in October. Treasuries, the largest portfolio composition segment, jumped by $218.9 billion. Repo, the second largest segment, increased $17.9 billion in May. 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.)
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new May data for Wednesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of May 31, includes holdings information from 1,000 money funds (up 7 from last month), representing assets of $8.365 trillion (up from $8.131 trillion a month ago). Prime MMFs rose to $1.238 trillion (up from $1.227 trillion), or 14.8% of the total. We review the new N-MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues rose to $21.8 billion (annualized) in May.
Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in May, after declining in April. Assets have increased in 20 of the past 23 months (April 2025, March 2026 and April 2026 saw declines). Money market fund assets rose by $193.2 billion, or 2.4%, last month to a record $8.292 trillion. Total MMF assets increased by $42.2 billion, or 0.5%, over the past 3 months, and they've increased by $878.3 billion, or 11.8%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Vanguard, SSIM and American Funds, which grew assets by $37.7 billion, $36.7B, $30.2B, $29.6B and $14.2B, respectively. Declines in May were seen by T Rowe Price, Goldman Sachs, Allspring, HSBC and DWS, which decreased by $5.2 billion, $4.8B, $4.5B, $3.1B and $2.8B, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which were slightly lower in May.
The June issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Money Fund Assets Resume Record Run; Yields Bottom," which reviews the latest jump in assets and flattening of yields; "BNY, JPM, BlackRock Launch 'OnChain' Tokenized MMFs," which discusses the latest money fund filings; and "European Regulators Push to Increase MF Liquidity Levels," which covers new U.K. and European proposals to strengthen MMF requirements. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/26 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 9, and our June Bond Fund Intelligence is scheduled to go out on Friday, June 12. (Note: Register ASAP for our upcoming Money Fund Symposium, which will take place later this month -- June 24-26 in Jersey City, NJ!)
The European Central Bank's (ECB) Isabel Schnabel recently gave a speech titled "From Money Market Funds to Stablecoins: Lessons for Central Banks," which discussed the history and parallels of money market mutual funds with stablecoins. She says, "The nature of money has never been static. Over the centuries, financial innovation has reshaped how money is created, transferred and stored, often enhancing efficiency, broadening access and boosting economic welfare. When such innovations reach scale, they alter the structure of the financial system, with consequences for financial stability, monetary policy and the international monetary order. One recent innovation has been stablecoins. These are privately issued digital tokens pegged to fiat currencies and typically backed by portfolios of traditional assets. Their rapid rise has raised questions about their benefits and challenges. To understand the unfolding changes, it is worth looking at how earlier innovations transformed financial markets." (Note: Register soon for our upcoming Money Fund Symposium, which takes place in just 3 weeks in Jersey City, N.J., June 24-26. We look forward to seeing you later this month!)
A statement titled, "BNY Investments Dreyfus Money Market Rebrand," explains, "Effective May 29, 2026, Dreyfus money market funds will update names, adding 'BNY' to recognize the depth of expertise, technology and history brought by Dreyfus as a vital component of the BNY ecosystem. These are part of the BNY Investments Dreyfus family of funds, which are advised by BNY Mellon Investment Adviser, Inc. and sub-advised by Dreyfus. Tickers, Cusips and access stay the same with no action needed." (See the SEC filing here. Crane Data will be renaming the funds in its June issue of Money Fund Intelligence, which ships on Friday.)
Barron's writes again on Sweeps and AI in "How AI Could Kill Charles Schwab and the Brokerage Industry's Cash Cow." The article says, "Charles Schwab spent a good chunk of its six-hour-long investor day on May 14 explaining to analysts and shareholders how the company is using artificial intelligence to boost its business. Investors, however, are far more focused on whether AI poses a threat to the substantial profits Schwab derives from so-called sweep cash, the money that clients hold in brokerage accounts that earn almost no interest. AI could change that equation by powering tools that allow investors to automatically move idle cash from their brokerage account to money-market funds or other higher-yielding accounts that are far less profitable for Schwab, as well as other brokerages that derive profits from customers' cash."
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, which shows that total money fund assets decreased by $102.3 billion in April 2026 to $8.188 trillion, after falling to $8.290 trillion the month prior and hitting a record high $8.341 trillion two months prior. The SEC shows Prime MMFs decreased $26.2 billion in April to $1.356 trillion, Govt & Treasury funds decreased $75.9 billion to $6.680 trillion and Tax Exempt funds decreased $0.3 billion to $151.6 billion. Taxable yields were mixed in April, while Tax Exempt MMFs yields were higher. 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 decreasing $99.0 billion in April 2026 to $8.099 trillion. In May month-to-date through 5/28, total money fund assets have increased by $197.6 billion to a record high $8.281 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
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