Money Market News
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.)
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 November 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 November 30, includes holdings information from 988 money funds (up 1 from last month), representing assets of $8.056 trillion (up from $7.917 trillion a month ago). Prime MMFs rose to $1.229 trillion (up from $1.211 trillion), or 15.3% 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 $21.3 billion (annualized) in November. (Note: For those new to the money market fund space or in need of a refresher, please join us for our "basic training" event, Money Fund University, which is Dec. 18-19 in Pittsburgh.)
Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in November, after also jumping in October. Assets have increased in 16 of the past 17 months (only April 2025 saw declines). Money market fund assets rose by $129.2 billion, or 1.6%, last month to a record $7.984 trillion. Total MMF assets have increased by $376.8 billion, or 5.0%, over the past 3 months, and they've increased by $915.6 billion, or 13.0%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by SSIM, Morgan Stanley, Vanguard, JPMorgan and Fidelity, which grew assets by $40.9 billion, $22.8B, $21.6B, $19.2B and $11.2B, respectively. Declines in November were seen by Invesco, RBC, Western, Goldman Sachs and AllianceBernstein, which decreased by $11.5 billion, $6.9B, $5.8B, $4.2B and $2.6B, 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 lower in November.
The December issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Money Fund Assets Break $8.0 Trillion; Top 10 Stories of 2025," which discusses money market mutual funds reaching all-time highs; "J.P. Morgan's 2026 Outlook: Still Room for MM Growth," which quotes from JPM's expectations for next year; and "State Street I.M. Files for Stablecoin Reserves MMF," which highlights the latest money fund filing. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 11/30/25 data. Our December Money Fund Portfolio Holdings are scheduled to ship on Tuesday, Dec. 9, and our December Bond Fund Intelligence is scheduled to go out on Friday, Dec. 12. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh!)
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