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 Second Quarter 2025 edition shows that Total MMF Assets increased by $83 billion to $7.481 trillion in Q2'25. The Household Sector, by far the largest investor segment with $4.877 trillion, saw the biggest asset increase in Q2, followed by Property-Casualty Insurance. 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 Mutual Funds and Nonfinancial Corporate Business categories in Q2 2025. (Note: For those attending our upcoming European Money Fund Symposium, Sept. 22-23, 2025 in Dublin, Ireland, safe travels and we look forward to seeing you next week!)
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary (much later than usual this month), which shows that total money fund assets rose by $60.2 billion in July 2025 to a record high $7.533 trillion, after hitting a record $7.473 trillion the month prior. The SEC shows Prime MMFs increased $22.7 billion in July to $1.303 trillion, Govt & Treasury funds increased $39.0 billion to $6.089 trillion and Tax Exempt funds decreased $1.5 billion to $141.1 billion. Taxable yields were mixed in July after previous decreases in June, May, April, March, February and January. 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 $136.0 billion in August 2025 to a record of $7.614 trillion. In September month-to-date through 9/10, total money fund assets have increased by $70.1 billion to a record $7.672 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
Crane Data's September Money Fund Portfolio Holdings, with data as of Aug. 31, 2025, show that holdings of Repo plunged last month while Treasuries jumped. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $166.6 billion to $7.539 trillion in August, after increasing $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 $414.3 billion. Repo, the second largest segment, decreased $236.2 billion in August. 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 Wednesday, and we'll be writing our regular monthly update on the new September data for Thursday'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 Tuesday. (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 August 31, includes holdings information from 988 money funds (down 1 from last month), representing assets of $7.701 trillion (up from $7.530 trillion a month ago). Prime MMFs rose to $1.193 trillion (up from $1.182 trillion), or 15.5% 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 $20.1 billion (annualized) in August.
Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in August after also being higher in July. Assets have increased in 13 of the past 14 months (only April 2025 saw a decline). Money market fund assets rose by $129.9 billion, or 1.7%, last month to a record $7.603 trillion. Total MMF assets have increased by $188.9 billion, or 2.5%, over the past 3 months, and they've increased by $982.0 billion, or 14.8%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Vanguard, BlackRock and First American, which grew assets by $25.8 billion, $25.5B, $15.7B, $13.7B and $10.0B, respectively. Declines in August were seen by Invesco, Goldman Sachs, Morgan Stanley, American Funds and SSIM, which decreased by $7.2 billion, $5.5B, $2.4B, $1.9B and $842M, 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 flat to slightly lower in August. (Note: With just under 2 weeks to go, register ASAP for our European Money …
The September issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Monday morning, features the articles: "Money Fund Assets Blow Past $7.5 Trillion; on Way to $8.0?," which reviews the latest surge in MMF assets; "BNY Dreyfus, Goldman Both Launch Stablecoin Reserves," which quotes from new filings for Stablecoin Reserves money funds; and, "JPM on Offshore MMFs; European MFs Record $1.5T," which covers a recent update on money funds in Ireland. We also sent out our MFI XLS spreadsheet Monday a.m., and we've updated our Money Fund Wisdom database with 8/31/25 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Monday, Sept. 15.
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $52.4 billion to a record $7.259 trillion. MMFs rose $17.2 billion last week, $3.8 billion the week before and $33.3 billion 3 weeks ago. MMF assets are up by $959 billion, or 15.2%, over the past 52 weeks (through 9/3/25), with Institutional MMFs up $548 billion, or 14.6% and Retail MMFs up $411 billion, or 16.1%. Year-to-date, MMF assets are up by $409 billion, or 6.0%, with Institutional MMFs up $180 billion, or 4.4% and Retail MMFs up $229 billion, or 8.4%. (Note: Register soon for our European Money Fund Symposium, which takes place Sept. 22-23 in Dublin, Ireland!)
Money market mutual fund assets broke the $7.6 trillion level on Friday for the first time ever, and they hit a record $7.633 trillion on Tuesday (9/3), according to Crane Data's Money Fund Intelligence Daily. Assets jumped by $30.7 billion on Tuesday, Sept. 2, after surging by $132.0B in August. Year-to-date, money fund assets have increased by $459.3 billion (6.4%), and over the past year assets have increased by $1.018 trillion, or 15.4%. MMF asset totals first crossed the $7.0 trillion threshold last November, and they've since marked a series of new highs: $7.1 trillion on December 3, $7.2 trillion on January 2, $7.3 trillion on February 26, $7.4 trillion on May 30, $7.5 trillion on August 4, and $7.6 trillion on August 29. (Note: With just under 3 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
Bloomberg writes, "America Inc. Swaps Decades for Days in Rush to Commercial Paper," which explains, "Once a $2 trillion cornerstone of global finance, the US commercial paper market was left in disarray following the 2008 crisis. Now, after years in the shadows, it's staging an unexpected comeback. Uber Technologies Inc. rolled out a $2 billion commercial paper plan in June, according to its latest quarterly filing. That followed Netflix Inc.'s $3 billion facility a month earlier. Coca-Cola Co., PepsiCo Inc., Philip Morris International Inc. and Honeywell International Inc. have all tapped the market in recent months, selling billions worth of the short-term IOUs, which typically range in maturity from 30 to 90 days." (Note: With just under 3 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
While Crane Data makes final preparations for our European Money Fund Symposium, which will take place Sept. 22-23 in Dublin, we're also ramping up preparations for our next Money Fund University conference, which will be in Pittsburgh, Dec. 18-19. Crane's Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers, and the Pittsburgh show will include our Holiday cocktail party Dec. 18 and a free product training session for Crane Data clients. We review the MFU agenda and some other upcoming conferences, below.
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday and its latest monthly "Trends in Mutual Fund Investing - July 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former shows money fund assets rising $17.2 billion to a record $7.207 trillion. MMFs rose $3.8 billion last week, $33.3 billion the week before and $76.2 billion 3 weeks ago. MMF assets are up by $944 billion, or 15.1%, over the past 52 weeks (through 8/27/25), with Institutional MMFs up $534 billion, or 14.3% and Retail MMFs up $410 billion, or 16.2%. Year-to-date, MMF assets are up by $356 billion, or 5.2%, with Institutional MMFs up $146 billion, or 3.5% and Retail MMFs up $210 billion, or 7.7%. (Note: Register soon for our European Money Fund Symposium, which takes place Sept. 22-23 in Dublin, Ireland!)
Mutual fund news source ignites published a story titled, "'Wall of Cash' or Stubborn Stash? ETF Shops Prep for Windfall," which claims, "ETF issuers are preparing for a potential influx of cash that could come during the 'great rotation' out of cash and money market funds. Assets in money market funds now exceed $7.5 trillion, according to Morningstar Direct. When interest rates eventually fall, the question among asset managers and analysts is whether this wall of cash represents a temporary holding pen, or a surprisingly sticky, risk-averse allocation." (Note: There's still time to register for our upcoming European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin. We hope to see you next month in Ireland!)
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