Link of The Day
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of July 31) includes Holdings information from 55 money funds (down 20 from a week ago), or $3.644 trillion (down from $4.773 trillion) of the $8.289 trillion in total money fund assets (or 44.0%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our July 13 News, "July MF Portfolio Holdings: Assets Flat; Repo Jumps, Treasuries Plunge.”) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.685 trillion (down from $2.146 trillion a week ago), or 46.3%; Repurchase Agreements (Repo) totaling $1.292 trillion (down from $1.679 trillion a week ago), or 35.5%, and Government Agency securities totaling $420.8 billion (down from $513.1 billion a week ago), or 11.5%. Commercial Paper (CP) totaled $120.5 billion (down from $186.9 billion a week ago), or 3.3%. Certificates of Deposit (CDs) totaled $49.8 billion (down from $100.8 billion a week ago), or 1.4%. The Other category accounted for $37.5 billion or 1.0%, while VRDNs accounted for $37.9 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.685 trillion, Fixed Income Clearing Corp with $415.2B, the Federal Home Loan Bank with $262.1B, JP Morgan with $129.9B, Federal Farm Credit Bank with $96.4B, Citi with $96.4B, BNP Paribas with $81.6B, Wells Fargo with $79.1B, RBC with $70.9B and Goldman Sachs with $52.3B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($342.4B), JPMorgan US Govt MM ($331.9B), Fidelity Inv MM: Govt Port ($275.4B), Goldman Sachs FS Govt ($272.6B), State Street Inst US Govt ($197.4B), Morgan Stanley Inst Liq Govt ($197.3B), Fidelity Inv MM: MM Port ($162.6B), Dreyfus Govt Cash Mgmt ($158.4B), Fidelity Inv MM: Treas Only ($134.6B) and First American Govt Oblg ($129.6B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Retake 3.50%
Money fund yields (7-day, annualized, simple, net) were up 3 bps to 3.50% on average during the week ended Friday, July 31 (as measured by our Crane 100 Money Fund Index), after going unchanged the week prior. Fund yields have rebounded slightly in recent weeks, but they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) unless and until the Fed moves rates higher. Yields were 3.49% on 7/31/26, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 723), shows a 7-day yield of 3.40%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 2 bps at 3.61% in the latest week. Government Inst MFs were up 2 bps at 3.48%. Treasury Inst MFs were up 3 bps at 3.48%. Treasury Retail MFs currently yield 3.25%, Government Retail MFs yield 3.22% and Prime Retail MFs yield 3.38%, Tax-exempt MF 7-day yields were down 14 bps to 2.13%. Money market mutual fund assets hit an all-time record high of $8.404 trillion on July 6, according to our Money Fund Intelligence Daily. But assets have decreased $809 million in the week through Friday, and they've decreased by $61.4 billion in July month-to-date (through 7/31). MMF assets increased by $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion last July. Weighted average maturities were at 38 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (7/31), just 158 money funds (out of 834 total) yield under 3.0% with $190.5 billion in assets, or 2.3%, while the vast majority (676) of funds yield between 3.00% and 3.99% ($8.098 trillion, or 97.7%). No funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp ten weeks prior. The latest Brokerage Sweep Intelligence, with data as of July 31, shows no changes over the past week. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
Barron's Likes Short Treasury ETFs
This weekend's Barron's tells investors to favor long-term Treasury bills over money market funds. The article, "Look What the Fed Did to the Bond Market This Week," tells us, "The Federal Reserve may get around to raising its short-term interest rate target later this year, but short-term bond yields already reflect that eventuality. Investors and savers can boost their yields without adding much risk by shifting out of money-market funds. But to what, exactly? Extending to longer-term securities adds significant risks without commensurate returns.... Still, there are some bargains to be had—namely among shorter-term Treasuries." It explains, "Given the futures market's forecast—which is probably the best guide, given Warsh has eschewed forward guidance -- the two-year Treasury at about 4.25% already reflects the likelihood of two Fed hikes later this year and early 2027. That yield also represents a meaningful pickup from the three-month Treasury bill, at 3.75%, and money-market funds such as the Fidelity Government Money Market fund, with a seven-day SEC yield of 3.32%." The Barron's piece adds, "A number of low-cost exchange-traded funds cover the one-to-three-year corner of the Treasury market. Among the largest are Vanguard Short-Term Treasury, iShares 1-3 Year Treasury Bond, Schwab Short-Term Treasury, and State Street SPDR Portfolio Short Term Treasury. They sport ultralow expense ratios of three basis points (0.03%), except the iShares ETF, which charges 15 basis points. At the same time, shorter-term bonds provide nearly as much yield as lengthier maturities, and with significantly lower risk from rising interest rates. (Bond prices move inversely to interest rates.) A recent report from Janus Henderson shows the U.S. Treasury 1-3 Year index (the benchmark of the aforementioned ETFs) has a duration of about two years, compared with about six years for the U.S. Aggregate Index. (Duration is a measure of a bond’s price sensitivity to interest rate changes.)"
NY Fed on Stablecoins and SVB
The Federal Reserve Bank of New York published a paper titled, "Stablecoins and (Non)Crypto Shocks: A 2026 Update." It states, "Stablecoins are digital assets whose value is pegged to that of a fiat currency, typically the U.S. dollar at a peg of $1.00 per token. In a previous blog post, we described the rapid growth of stablecoins through early 2025, highlighted changes in stablecoins' reserve-asset composition, and examined their reactions to Bitcoin price shocks. In this post, we document the growth of stablecoins since our last post. Then, we examine how shocks from outside the crypto industry can impact the composition of stablecoins' reserve assets. For our case study, we use the 2023 failure of Silicon Valley Bank (SVB) and its impact on USD Coin (USDC, issued by Circle), the second-largest stablecoin by market capitalization." The piece explains, "Since our last post in April 2025, the market capitalization of U.S. dollar stablecoins has increased by $71 billion (30 percent) to about $308 billion recently.... This period coincides with the passage of the GENIUS Act in July 2025, which established the first federal regulatory framework for payment stablecoins." It continues, "The stablecoin industry remains highly concentrated, with the two largest issuers, Tether (USDT) and USDC, accounting for over 80 percent of industry assets. The reserve composition of these stablecoins differs significantly: USDC's attested reserves consist primarily of cash and short-term U.S. government securities. In contrast, corporate bonds, gold bars, Bitcoin, secured loans, and 'other investments' accounted for nearly 24 percent of USDT's attested reserves as of December 2025." The blog says, "In prior posts, we examined the impact of positive and negative crypto price shocks on net flows into stablecoins. Here we study a complementary question: how do non-crypto shocks affect net flows into stablecoins and the composition of their reserve assets? This question is important given stablecoins' increasing interconnectedness with traditional financial markets. To answer it, we document the changes in USDC's reserve assets following SVB’s failure in March 2023. On March 11, 2023, Circle reported that approximately 8 percent of USDC's reserves were held at SVB, which had been placed into FDIC receivership the previous day. Following Circle's announcement, USDC's secondary market price dropped considerably below $1.00, and it experienced notable net outflows. In addition to these effects, the composition of the Circle Reserve Fund (CRF), a money market mutual fund (MMF) whose shares can only be purchased by Circle, changed significantly. (The CRF accounts for approximately 86 percent of USDC's reserve assets as of March 2026.)" Finally, the post adds, "Following SVB's failure in March 2023, the composition of USDC's primary reserve asset, held in an MMF, changed notably: the average maturity of its reserve assets declined significantly; its repo holdings surged and became concentrated in FICC in recent years. In addition, its direct deposits with banks shifted from a combination of GSIBs and non-GSIBs to GSIBs. Overall, the SVB event triggered a change in the type of risk held by one of the largest stablecoin issuers, away from interest-rate risk and toward counterparty risk. These changes highlight the growing interconnectedness between traditional finance and new, emerging financial technologies."
Invesco Q2'26 Talks Cash, SuperState
Invesco reported Q2'26 earnings earlier this week, and we quote the few comments involving 'cash' below. (See the earnings call transcript here.) President & CEO Andrew Schlossberg says, "Year to date, we posted record net inflows of $67 billion, or a 7% annualized organic growth rate, generated record net revenue with an increase of 17% over the same period last year.... We have launched more than 50 products this year across the Americas, EMEA, and APAC. This includes six new active ETF launches and a new partnership with SuperState, where we are now the manager of our first tokenized Treasury strategy.... Markets were supportive, driven by strong equity appreciation and improving fixed income returns, resulting in investor capital remaining in motion across the industry, albeit more narrowly focused and mindful of ongoing macroeconomic and policy uncertainty.... Net long-term inflows during the period were a record $45.1 billion, marking the 12th straight quarter of net inflows and representing annualized organic growth of nearly 9%. Additionally, we generated $13.2 billion in global liquidity inflows, ending the period with $215 billion in AUM. Altogether, we reached an AUM high water mark of $2.5 trillion." CFO Allison Dukes explains, "Net long-term asset inflows were a record $45 billion in the second quarter. Nearly a 9% annualized organic growth rate, marking the 12th consecutive quarter of net inflows. Favorable markets drove a $257 billion increase in AUM, and net flows to end the money market funds totaled $17 billion for the quarter. AUM at the end of the quarter reached a record high of $2.5 trillion, a 14% increase over the first quarter, and 23% higher than the second quarter of last year. Average long-term AUM was $2.1 trillion, a 7% increase over last quarter and 58% greater than last year." During the Q&A, they were asked about how they won the SuperState deal. Schlossberg answers, "We have a $220 billion global liquidity franchise. We're managing funds for decades. We do have a lot of strength and capability in the liquidity side, maybe it starts with that. The second thing is that we've made a commitment to innovate through digital assets and through establishing partnerships. Having the opportunity to take over that billion-dollar tokenized U.S. Treasury fund was important to us. I think because of our commitment to innovation, our long-term experience on the global liquidity side, and frankly, the vast distribution that we have around the world institutionally and the retail space, I think, created a nice combination for the two of us." On opportunities, Schlossberg adds, "The only thing I'd add is the places where we're seeing organic growth, ETFs, SMAs, fixed income at large, cash. These are all categories that scale pretty well. We're going to continue to expect to see growth in those segments." (For more, see our March 25 Crane Data News, "Invesco to Manage SuperState Tokenized USTB.")
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of July 24) includes Holdings information from 75 money funds (up 12 from a week ago), or $4.773 trillion (up from $4.367 trillion) of the $8.253 trillion in total money fund assets (or 57.8%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our July 13 News, "July MF Portfolio Holdings: Assets Flat; Repo Jumps, Treasuries Plunge.”) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.146 trillion (up from $1.968 trillion a week ago), or 45.0%; Repurchase Agreements (Repo) totaling $1.679 trillion (up from $1.572 trillion a week ago), or 35.2%, and Government Agency securities totaling $513.1 billion (up from $463.5 billion a week ago), or 10.7%. Commercial Paper (CP) totaled $186.9 billion (up from $165.5 billion a week ago), or 3.9%. Certificates of Deposit (CDs) totaled $100.8 billion (up from $84.3 billion a week ago), or 2.1%. The Other category accounted for $88.8 billion or 1.9%, while VRDNs accounted for $58.6 billion or 1.2%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.146 trillion, Fixed Income Clearing Corp with $479.1B, the Federal Home Loan Bank with $319.4B, JP Morgan with $172.1B, Citi with $136.2B, Federal Farm Credit Bank with $116.7B, RBC with $116.2B, BNP Paribas with $115.6B, Wells Fargo with $98.5B and Bank of America with $67.7B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($351.0B), JPMorgan US Govt MM ($342.8B), Fidelity Inv MM: Govt Port ($288.7B), Goldman Sachs FS Govt ($268.3B), State Street Inst US Govt ($207.4B), Morgan Stanley Inst Liq Govt ($200.3B), BlackRock Lq FedFund ($190.9B), BlackRock Lq Treas Tr ($183.4B), Federated Hermes Govt ObI ($177.4B) and Dreyfus Govt Cash Mgmt ($163.0B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Flat Ahead of Fed
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.47% on average during the week ended Friday, July 24 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps the week prior. Fund yields hadn't been below 3.5% since November 2022, and they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) unless and until the Fed moves rates higher. Yields were 3.44% on 5/31/26, 3.47% on 3/31, 3.58% on 12/31/25, 3.94% on 9/30/25, 4.13% on 6/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 723), shows a 7-day yield of 3.38%, up 1 bp in the week through Friday. Prime Inst money fund yields were unchanged at 3.59% in the latest week. Government Inst MFs were up 1 bps at 3.46%. Treasury Inst MFs were up 1 bp at 3.45%. Treasury Retail MFs currently yield 3.22%, Government Retail MFs yield 3.19% and Prime Retail MFs yield 3.37%, Tax-exempt MF 7-day yields were up 19 bps to 2.33%. Money market mutual fund assets hit an all-time record high of $8.404 trillion on July 6, according to our Money Fund Intelligence Daily. But assets have decreased $20.5 billion in the week through Friday, and they've decreased by $97.3 billion in July month-to-date (through 7/24). MMF assets increased by $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion last July. Weighted average maturities were at 38 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (7/24), just 162 money funds (out of 834 total) yield under 3.0% with $224.3 billion in assets, or 2.7%, while the vast majority (672) of funds yield between 3.00% and 3.99% ($8.029 trillion, or 97.3%). No funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp nine weeks prior. The latest Brokerage Sweep Intelligence, with data as of July 24, shows no changes over the past week. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
JPM Update on ABCP: Up 20% YTD
Last week, J.P. Morgan's "JPM Mid-Week US Short Duration Update" featured a brief titled, "ABCP outstandings push 20% higher YTD amid increased equity financing demand." The piece explains, "It has been a strong start to the year for the ABCP market, with total outstandings climbing to nearly $585bn, up almost $100bn (20%) year-to-date, surpassing the pace of growth over the same period in every year since 2020.... As we have discussed previously, this year's growth, like that of the past couple of years, reflects dealers increasingly turning to the ABCP market as an alternative source of financing for both fixed income (mainly Treasuries) and equity collateral. Recall that certain ABCP structures (e.g., independent sponsor programs) can provide banks with off‑balance‑sheet solutions/optimization of funding and potentially favorable accounting treatment by using a conduit to intermediate transactions with a counterparty. In practice, this is typically executed through repo (an alternative way for the counterparty to finance high‑quality liquid assets), reverse repo (asset transfers to the conduit in exchange for short‑term cash), TRS (synthetic exposure without owning the asset outright), and securities lending (securities temporarily move onto the SPE's balance sheet when it borrows, or are acquired with ABCP proceeds and lent to the counterparty when it lends)." It continues, "More recently, the upward trend in ABCP outstandings has become even more pronounced as demand for equity financing has accelerated.... The composition of the ABCP market continues to reflect these financing trends. Independent sponsor programs have driven most of this year's growth, with outstandings increasing by $53bn to $244bn. Bank-sponsored CCP programs have also expanded, rising by $36bn to $104bn. Notably, nearly $60bn, about 60%, of this year's ABCP growth has occurred over the past two months, coinciding with higher equity financing costs and possibly contributing to the rise in independent sponsor programs to roughly 42% of total ABCP outstandings, up from about 30% two years ago.... That gain has largely come at the expense of traditional bank-sponsored multi-seller programs, typically used to finance more traditional assets, whose market share has fallen 13 percentage points to 37% over the same period." J.P. Morgan's update adds, "Looking ahead, we expect ABCP outstandings to remain elevated, especially if dealers continue to seek alternative sources of balance-sheet financing. Equity financing costs should remain spot-dependent and stay rich as long as the bull market holds.... As a result, dealers may continue to tap the ABCP market as an alternative funding source, which could further support balance-sheet optimization, particularly if equity financing needs persist, given Treasury's financing needs remain high. That said, we still believe incremental supply can be absorbed by a diverse investor base, including state and local governments, separately managed accounts, corporates, and prime money market funds. However, issuer concentration bears watching as concentration risk is emerging as a constraint. For now, additional demand likely remains available, albeit potentially at modestly wider spreads."
ICI: MMF Assets Down Again in July
After almost breaking the $8.0 trillion barrier three weeks prior, the Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets falling $22.6 billion to $7.861 trillion. Assets plunged $59.7 billion the previous week (and decreased $4.8 billion the week before this). MMF assets are up by $786 billion, or 11.1%, over the past 52 weeks (through 7/22/26), with Institutional MMFs up $616 billion, or 14.8% and Retail MMFs up $170 billion, or 5.8%. Year-to-date in 2026, MMF assets are up by $127 billion, or 1.6%, with Institutional MMFs up $121 billion, or 2.6% and Retail MMFs up $6 billion, or 0.2%. ICI's weekly release says, "Total money market fund assets decreased by $22.57 billion to $7.86 trillion for the week ended Wednesday, July 22, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $22.49 billion and prime funds decreased by $2.83 billion. Tax-exempt money market funds increased by $2.75 billion." ICI's stats show Institutional MMFs decreasing $22.2 billion and Retail MMFs decreasing $0.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.479 trillion (82.4% of all money funds), while Total Prime MMFs were $1.234 trillion (15.7%). Tax Exempt MMFs totaled $148.6 billion (1.9%). It explains, "Assets of retail money market funds decreased by $375 million to $3.08 trillion. Among retail funds, government money market fund assets decreased by $796 million to $1.96 trillion, prime money market fund assets decreased by $1.87 billion to $986.57 billion, and tax-exempt fund assets increased by $2.29 billion to $136.37 billion." Retail assets account for 39.2% of the total, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $22.19 billion to $4.78 trillion. Among institutional funds, government money market fund assets decreased by $21.70 billion to $4.52 trillion, prime money market fund assets decreased by $957 million to $247.02 billion, and tax-exempt fund assets increased by $461 million to $12.22 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 94.6% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have decreased by $59.9 billion to $8.290 trillion month-to-date in July (as of 7/22), assets reached an all-time high of $8.404 trillion on July 6. Assets increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion last July. Note that `ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
Reuters: Money Funds Turn Defensive
Last week, Reuters wrote, "US money market funds turn defensive with Fed rate outlook uncertain." The article says, "Money market funds are taking a more cautious approach in their portfolios, reflecting lingering uncertainty about the U.S. Federal Reserve's rate policy path, the latest industry data show. Weighted average maturity -- the average time until securities held by a money market fund mature -- fell to 38 days for the week ending July 10 for the Crane Money Fund Average, a broad industry measure, from 42 days a month ago. The same figure fell to 40 days this month from 44 days in June in the Crane 100 Money Fund Index, which tracks funds holding the vast majority of industry assets." It explains, "Fund managers typically shorten portfolio maturities when they anticipate higher interest rates. Shorter-dated securities mature more quickly, allowing managers to reinvest at higher yields if the Fed raises rates. Locking in three- or six-month Treasury bills ahead of a rate hike can leave investors stuck with lower yields as rates move higher. That caution comes as money market fund assets continue to attract cash. Assets climbed to a record of nearly $8 trillion in the first week of July, according to data from the Investment Company Institute." Reuters adds, "Managers have been deploying some of those inflows into floating-rate notes (FRNs), whose payouts change with the market, unlike typical fixed-rate debt. Treasury FRN holdings rose by $32 billion at the end of June to a record $523 billion.... Funds also increased their use of repurchase agreements, or repos, lending cash to dealers in exchange for securities that the dealers later buy back. As of June 30, repo balances had climbed by $68 billion to $3.06 trillion, representing 37.2% of total fund holdings, according to Crane Data.... [M]oney market funds face a difficult balancing act. 'Money market funds right now are caught between a rock and a hard place,' said [TD Securities'] Gennadiy Goldberg.... 'They want to be shorter in their weighted average maturities because of the risk of Fed rate hikes, but rates at the very front end of the curve, like repos, are still a bit soggy.'"
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of July 17) includes Holdings information from 63 money funds (up 15 from two weeks ago), or $4.367 trillion (up from $3.629 trillion) of the $8.273 trillion in total money fund assets (or 52.8%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our July 13 News, "July MF Portfolio Holdings: Assets Flat; Repo Jumps, Treasuries Plunge.”) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.968 trillion (up from $1.654 trillion two weeks ago), or 45.1%; Repurchase Agreements (Repo) totaling $1.572 trillion (up from $1.251 trillion two weeks ago), or 36.0%, and Government Agency securities totaling $463.5 billion (up from $383.1 billion two weeks ago), or 10.6%. Commercial Paper (CP) totaled $165.5 billion (up from $131.2 billion two weeks ago), or 3.8%. Certificates of Deposit (CDs) totaled $84.3 billion (up from $82.2 billion two weeks ago), or 1.9%. The Other category accounted for $72.0 billion or 1.6%, while VRDNs accounted for $41.1 billion or 0.9%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.968 trillion, Fixed Income Clearing Corp with $482.2B, the Federal Home Loan Bank with $293.6B, JP Morgan with $163.4B, RBC with $110.9B, Citi with $109.8B, Federal Farm Credit Bank with $105.1B, BNP Paribas with $102.2B, Wells Fargo with $86.7B and Goldman Sachs with $71.1B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($343.5B), JPMorgan US Govt MM ($339.5B), Goldman Sachs FS Govt ($299.2B), Fidelity Inv MM: Govt Port ($285.6B), State Street Inst US Govt ($216.0B), Morgan Stanley Inst Liq Govt ($208.6B), BlackRock Lq FedFund ($192.2B), BlackRock Lq Treas Tr ($186.8B), Fidelity Inv MM: MM Port ($162.9B) and Dreyfus Govt Cash Mgmt ($160.8B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Crane 100 Index Back Up to 3.46%
Money fund yields (7-day, annualized, simple, net) were back up 1 bp to 3.46% on average during the week ended Friday, July 17 (as measured by our Crane 100 Money Fund Index), after decreasing 2 bps the week prior. Fund yields hadn't been below 3.5% since November 2022, and they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) since the Fed left short-term rates unchanged five weeks prior. Yields were 3.44% on 5/31/26, 3.47% on 3/31, 3.58% on 12/31/25, 3.94% on 9/30/25, 4.13% on 6/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 723), shows a 7-day yield of 3.37%, up 1 bp in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.59% in the latest week. Government Inst MFs were up 1 bps at 3.45%. Treasury Inst MFs were up 1 bp at 3.44%. Treasury Retail MFs currently yield 3.21%, Government Retail MFs yield 3.18% and Prime Retail MFs yield 3.36%, Tax-exempt MF 7-day yields were up 59 bps to 2.13%. Money market mutual fund assets hit an all-time record high of $8.404 trillion on July 6. The previous record of $8.385 trillion was seen a week prior (7/1), according to our Money Fund Intelligence Daily. Assets have decreased $103.5 billion in the week through Friday, and they've decreased by $76.8 billion in July month-to-date (through 7/17). MMF assets increased by $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion last July. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (7/17), just 168 money funds (out of 834 total) yield under 3.0% with $223.3 billion in assets, or 2.7%, while the vast majority (666) of funds yield between 3.00% and 3.99% ($8.050 trillion, or 97.3%). No funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp eight weeks prior. The latest Brokerage Sweep Intelligence, with data as of July 17, shows one change over the past week. RW Baird lowered rates to 0.94% for accounts of $1K to $999K and to 1.98% for accounts of $5 million and greater. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
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