Link of The Day
Tradeweb Adds BNY LD to ICD Portal
A press release titled, "Tradeweb Collaborates with BNY to Expand ICD Portal Investment Options," tells us, "Tradeweb Markets Inc., a global leader in electronic trading across asset classes, ... announced a strategic collaboration with BNY's (BNY) LiquidityDirect to expand investment options available through Tradeweb ICD Portal, a multi-fund platform through which Tradeweb's corporate treasury clients can access and trade money market funds and other short-term investments. The new offering is expected to launch in Q1 2027. The integration with LiquidityDirect will enable ICD Portal clients to select BNY as a custody and short term investment platform at the individual account level, providing greater flexibility based on their operational requirements, geography and cash management preferences. The offering will provide ICD Portal clients with BNY's LiquidityDirect-enabled capabilities within their existing ICD Portal workflow, supporting U.S. and international investment needs." It explains, "The new offering will be supported by a direct integration between ICD Portal and BNY's LiquidityDirect platform, designed to streamline management of their short-term investments through a single point of access. Once live, new and existing clients will be able to select BNY when establishing new accounts, enabling firms to diversify their investment options without changing their broader ICD Portal workflow." Tom Britton, Co-Head of Corporates at Tradeweb, comments, "Providing clients with more choice across their investment and operational workflows is an important part of how we continue to evolve ICD Portal. By adding BNY LiquidityDirect as an option, we will offer clients greater flexibility in how they structure their accounts, while also expanding the infrastructure available to support our international client base." BNY Head of Liquidity & Margin Clint Craft adds, "We're pleased to be bringing BNY's award winning LiquidityDirect platform to Tradeweb ICD Portal clients. By combining our capabilities with Tradeweb's established client network and workflow, we will be able to provide firms with greater connectivity and support their evolving investment needs across markets globally." (Note: Thanks to those who stopped by our booth af the AFP Conference in Las Vegas this week! We hope you enjoyed the show.)
Money Fund Yields Remain at 3.75%
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.75% on average during the week ended Friday, November 6 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps a week ago. Money fund yields have moved higher over the past 6 weeks as they've digested the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should be flat or inch higher in coming days as they absorb the last remnants of the Fed's hike (and prepare for the next one). Yields were 3.75% on 10/30/26, 3.67% on 9/30, 3.51% on 8/31, 3.49% on 7/31, 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 727), shows a 7-day yield of 3.66%, unchanged in the week through Friday. Prime Inst money fund yields were down 1 bp at 3.85% in the latest week. Government Inst MFs were unchanged at 3.74%. Treasury Inst MFs were unchanged at 3.74%. Treasury Retail MFs currently yield 3.50%, Government Retail MFs yield 3.47% and Prime Retail MFs yield 3.64%, Tax-exempt MF 7-day yields were down 6 bps to 2.08%. Assets increased $44.6 billion in the week through Friday, and they've increased by $73.0 billion in November month-to-date (through 11/6). Assets are back to breaking records as they reached a new record of $8.447 trillion this past week (11/4) after spending months below their previous all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets increased $64.4 billion in October, decreased $48.0 billion in September, increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 35 days for the Crane MFA and 35 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of November 6, 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.
BNY Dreyfus Consolidating Managers
A Prospectus Supplement filing for the BNY Family of Funds tells us, "The Bank of New York Mellon Corporation ('BNY') intends to consolidate several of its U.S. investment firms (the 'Adviser Consolidation'), effective, subject to regulatory requirements, on or about January 1, 2027.... The following investment advisers to the funds are involved in the Adviser Consolidation: BNY Mellon Investment Adviser, Inc. ('BNYIA') – each fund's primary investment adviser; Insight North America LLC ('INA') – a sub-adviser to certain funds; Mellon Investments Corporation, including its Mellon and Dreyfus divisions ('MIC') – a sub-adviser to certain funds; and, Newton Investment Management North America, LLC ('NIMNA') – a sub-adviser to certain funds." It explains, "The Adviser Consolidation will be effected via corporate mergers, with the surviving consolidated firm to be named '`BNY Investments Corporation.' Accordingly, the boards of the funds have approved (1) a new management agreement ('Management Agreement') for each fund with BNY Investments Corporation; (2) the termination of the existing sub-investment advisory agreements with the Involved Advisers that serve as sub-advisers to certain funds; and (3) Newton Investment Management Limited ('NIM') to provide advisory support to certain funds pursuant to an advisory support agreement where NIM previously served as a sub-sub investment adviser pursuant to a sub-sub-investment advisory agreement, all effective on the Effective Date." The filing states, "It is currently anticipated that each fund's portfolio managers from the Involved Advisers who are responsible for the day-to-day management of the fund's investments will continue to manage the fund's investments as of the Effective Date as portfolio managers for BNY Investments Corporation. It is also currently anticipated that there will be no material changes to a fund's investment objective(s), strategies or policies, no reduction in the nature, quality or level of services provided to a fund, and no increase in the management fee payable by a fund as a result of the Adviser Consolidation. The Adviser Consolidation will not involve a change in actual control or management of the Involved Advisers." It adds, "BNY is currently engaged in a global brand strategy initiative with the aim of building a global investment brand for BNY Investments. In connection with this initiative, 'BNY Mellon' is being replaced with 'BNY' to align with the BNY Investments brand. Further, for applicable money market fund registrants, 'BNY' is being added so that the name of money market fund registrants will begin with 'BNY Dreyfus.'"
ICI: MMF Assets Break $8.0 Trillion
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets jumping $114.5 billion to a record high $8.016 trillion. Assets decreased $43.3 billion the previous week and increased $21.5 billion the week before this. The previous record high of $7.979 trillion was seen nine weeks ago. MMF assets are up by $481 billion, or 6.4%, over the past 52 weeks (through 11/4/26), with Institutional MMFs up $380 billion, or 8.4% and Retail MMFs up $101 billion, or 3.3%. Year-to-date in 2026, MMF assets are up by $282 billion, or 3.7%, with Institutional MMFs up $241 billion, or 5.2% and Retail MMFs up $42 billion, or 1.4%. ICI's weekly release says, "Total money market fund assets increased by $114.46 billion to $8.02 trillion for the week ended Wednesday, November 4, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $117.80 billion and prime funds decreased by $4.03 billion. Tax-exempt money market funds increased by $693 million." ICI's stats show Institutional MMFs increasing $102.3 billion and Retail MMFs increasing $12.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.622 trillion (82.6% of all money funds), while Total Prime MMFs were $1.232 trillion (15.4%). Tax Exempt MMFs totaled $161.8 billion (2.0%). It explains, "Assets of retail money market funds increased by $12.21 billion to $3.12 trillion. Among retail funds, government money market fund assets increased by $9.93 billion to $1.99 trillion, prime money market fund assets increased by $1.15 billion to $985.76 billion, and tax-exempt fund assets increased by $1.13 billion to $146.35 billion." Retail assets account for 38.9% of the total, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $102.25 billion to $4.90 trillion. Among institutional funds, government money market fund assets increased by $107.87 billion to $4.64 trillion, prime money market fund assets decreased by $5.18 billion to $245.84 billion, and tax-exempt fund assets decreased by $438 million to $15.41 billion." Institutional assets accounted for 61.1% of all MMF assets, with Government Institutional assets making up 94.7% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $89.0 billion to a record high $8.447 trillion month-to-date in November (as of 11/4), the previous record high was seen the day before (11/3) at $8.432 trillion and prior to that assets reached an all-time high of $8.404 trillion on July 6. Assets increased $64.4 billion in October, decreased $48.0 billion in September, increased $52.8 billion in August, decreased $61.4 billion in July, 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 and $132.8 billion last November. 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.
Money Fund University in Greenwich
We're ramping up preparations for our upcoming Money Fund University conference, which will be in Greenwich, Conn., Dec. 17-18. 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 Greenwich show will include our Holiday cocktail party Dec. 17 and a free product training session for Crane Data clients. Money Fund University offers a 2-day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. Registrations are $750 and are now being taken, and the latest agenda is available here. (E-mail us to request the latest brochure, and make your hotel reservations here!) New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Exhibit space for Crane's Money Fund University is $2,000, and sponsorship opportunities are $3K (Bronze), $4K (Silver), and $5K (Gold). A block of rooms has been reserved at The Hyatt Regency Greenwich. (Please reserve before 11/20.) We'd like to thank our MFU sponsors -- BlackRock, Fitch Ratings, Northcross Capital, TD Securities, Northern Trust, Dreyfus and K&L Gates -- for their support, and we look forward to seeing you in Greenwich in December! E-mail Pete Crane (pete@cranedata.com) for the latest brochure or visit www.moneyfunduniversity.com to register or for more details. (Also, you're welcome to crash our Holiday cocktail party on 12/17!) Mark your calendars too for our next Bond Fund Symposium, which will be held in Philadelphia, Pa., on March 22-23, 2027. (Click here to see the preliminary agenda.) Bond Fund Symposium is the only conference devoted entirely to bond mutual funds, bringing together bond fund managers, marketers, and professionals with fixed-income issuers, investors and service providers. The majority of the content is aimed at the growing ultra-short and conservative ultra-short bond fund marketplace. Finally, Crane Data is making preliminary preparations for our next big show, Money Fund Symposium, which is scheduled for June 23-25, 2027 in Philadelphia, Pa. The agenda will be released early in 2027, and registrations will open soon. Let us know if you'd like more details on any of our events, and we hope to see you in Greenwich in December, in Philadelphia in March and June 2027 or in London in September 2027. Thanks to all of our speakers and sponsors for your support!
Law Firm on Ireland, Tokenised Funds
Law firm Pinsent Masons writes "Ireland can capitalise on growth of tokenised funds," which says, "Ireland has an opportunity to translate its established leadership in money market funds and fund servicing into a leading position in the emerging market for tokenised funds. As tokenisation moves from proof of concept to commercial reality, policymakers, regulators and industry participants are increasingly focused on how distributed ledger technology could transform the way fund ownership is recorded, transferred and serviced." The piece continues, "The European Central Bank estimated the global market for tokenised money market funds was approximately €7 billion at the end of 2025, having roughly doubled during that year. Its conclusion confirms that the market remains small relative to conventional funds, but it is expanding rapidly and demonstrates genuine demand, particularly for liquidity management and collateral use." It asks, "What is a tokenised money market fund? A tokenised money market fund is a regulated investment fund that invests in short-term, high-quality assets. The distinction is that its shares are recorded using distributed ledger technology (DLT). A token evidences an investor's shareholding in a fund, typically on a one-token-per-share basis. The token is neither a stablecoin nor a new economic asset; it is a digital representation of an existing fund share. The fund itself remains subject to the existing regulatory framework, including Regulation (EU) 2017/1131 (the Money Market Funds Regulation). Importantly, the tokenisation of a fund share does not alter its regulatory status." Finally, the update adds, "To date, the representation of fund shares in Ireland as tokens has used the digital twin model. In this model a money market fund is constituted in the normal manner, and a register of shareholders is maintained by the administrator as the definitive record of ownership."
Raymond James, Ameriprise Earnings
Last week, both Raymond James (RJF) and Ameriprise Financial (AMP) released Q3 earnings, and both briefly mentioned cash and money markets. CFO `Jonathan Oorlong of Raymond James comments, "Clients' domestic cash sweep and Enhanced Savings Program balances ended the quarter at $58 billion, up 3% over the year ago quarter and down 1% from the preceding quarter. Our client deposit balance mix continues to highlight our diverse funding sources through both the sweep program and the Enhanced Savings Program through Raymond James Bank as well as TriState Capital's deposit gathering capabilities. Additionally, a portion of the sweep balances held off balance sheet with third-party banks, which totaled over $16 billion at quarter end, is immediately available to fund future loan growth as client demand warrants." He says, "Combined net interest income and RJBDP fees from third-party banks were $674 million, up $16 million or 2% from the prior quarter. Fee revenues earned on RJBDP balances with third-party banks increased $12 million as a result of both an increase in average balances swept to third-party banks in the quarter as well as a 6 basis point increase in the yield on such balances to 2.81%. Firm net interest income increased year-over-year and sequentially as higher interest income driven primarily by higher bank segment interest-earning assets more than offset higher interest expense." Ameriprise CFO Walter Berman tells us, "Turning to cash, our total client cash of $81 billion was down 5% year-over-year, primarily from third-party money market funds as well as Comerica transition. Bank assets increased 2% year-over-year, and underlying cash sweep balances were stable. I note that cash sweep has been very consistent with an average account size of approximately $5,000. We benchmark our cash sweep rates regularly to ensure we remain competitive with the industry." During the Q&A, one analyst asked if they expect customer cash balances to decline. Berman replies, "No, normally in this quarter it drops, and then it starts building up in the fourth quarter. We had Comerica coming through, which distorted that number, but again, that is the fact of it. Actually, it is stable. It is tracking exactly where we are. So that it is incorporated in building, as we said, growing from that standpoint and getting the benefits of certainly as we go pay downs, maturities, and other things as we go forward. So we feel quite comfortable. And with the sweep money, candidly, it is well managed, and we have ALM capability that is understand from that standpoint. So there is nothing unusual."
Bloomberg: Uber Tests Tokenized
Bloomberg writes "Uber Joins HSBC, Franklin Templeton in Blockchain Investing Test." The article states, "The ride-hailing company Uber Technologies Inc. used a public blockchain to invest its corporate funds in a way that allowed the company to capture higher returns by trading on a weekend -- a setup expected to be adapted by a growing number of companies in the coming months. Using HSBC tokenized deposits -- essentially bank funds represented by digital tokens on a blockchain -- Uber recently purchased a Franklin Templeton tokenized money market fund on a Thursday, and then sold it on Sunday as part of a pilot program with the financial institutions. That way, it was able to capture an extra 1.5 days of yield instead of selling its investment on Friday, before traditional banks and markets closed, as companies typically do today." [Editor's Note: We think this article incorrectly assumes money funds and bank deposits don't pay interest on weekends. They do.] The brief tells us, "HSBC Holdings Plc, the London-based bank, collaborated on the project with Franklin Templeton, Tradeweb Markets and Fireblocks. The Canton Network was used for liquidity and settlement. Many corporations are looking for new ways to increase treasury yields on their corporate holdings while reducing reliance on expensive overdraft facilities and credit lines." It adds, "The pilot is just the latest of many as Wall Street firms experiment with digital versions of securities, cash and bonds. In another recent test, nearly 40 firms traded stocks and Treasuries, posted collateral and met margin calls. Nearly $40 billion in assets has been tokenized to date, according to RWA.xyz, a drop in the bucket compared with traditional financial markets."
Investment News: Schwab Blocking AI
Investment News published, "Schwab CEO says firm is blocking rogue AI agents from client accounts." They state, "Charles Schwab is blocking AI agents that try to log in to client accounts on clients' behalf, president and CEO Rick Wurster told advisors at Schwab IMPACT 2026 in Boston.... The move puts Schwab alongside JPMorgan Chase and other banks in shutting out third-party agents." They quote Wurster's keynote, "The first thing we are doing is we are keeping rogue agents from being able to log in on the client's behalf, we block that activity using technology. When you look on a weekly basis, it's 30, 40, 50 times that we might be seeing a particular AI agent come to our sites and try to log in, and we are blocking it." The piece says, "JPMorgan Chase CEO Jamie Dimon said on the bank's Oct. 13 earnings call that it won't let outside agents operate inside customer accounts, CNBC reported, citing Meta's Muse and Instinct as examples.... Citigroup and Bank of America have imposed similar limits, the Financial Times reported. 'The good news that we've found actually is it doesn't seem that a lot of clients have a lot of interest in giving up their credentials and their financial experience to these agents,' Wurster said at IMPACT." Investment News writes, "Fear of Muse, unveiled by Meta in September, sent shares of Schwab and LPL Financial down more than 6% in a single session.... Wurster previously disclosed in an Oct. 15 earnings call that Schwab was blocking outside AI agents trying to access client accounts. 'We are blocking unauthorized agents who try to log in on behalf of clients. It is not a safe way for our clients to access Schwab, and we are blocking it to protect clients and our firm,' he said on the call." For more on AI and Cash Sweeps, see our recent Crane Data News stories: "NBER Paper on Institutional Money Funds with AI 'When Cash Wakes Up'" (10/29/26), "Schwab Comments on Sweeps, Cash, AI on Q3'26 Call; Wells, BlackRock" (10/19/26), "JP Morgan Chase Q3 Earnings Call Discusses AI Agents and Cash, Deposits" (10/14/26), "WSJ Discusses AI's Impact on Brokerage Sweeps and Bank Cash Sorting" (9/29/26), "Money Funds Low Profile on Q2 Earnings Call Radar; Schwab, Northern" (7/23/26), "Barron's Writes Again on Sweeps and AI; Crane 100 MF Index Up to 3.44%" (6/2/26), "LPL Sees No AI Risk of Cash Sorting" (5/4/26), "Raymond James Call Responds to 'Agentic AI Cash Sweep Optimization'" (4/24/26), "Barron's on Schwab AI Sweeps Worries" (4/21/26), "Earnings: JP Morgan Talks AI Cash Allocation Tool; BNY on Tokenization" (4/20/26), "Schwab Says AI a Tailwind, Not a Threat to Cash Sweeps on Q1 Update" (4/17) and "Morgan Stanley Q1 Call: AI & Sweeps" (4/16).
FOMC Says Rates Unchanged 3.75-4.0%
The Federal Reserve left short-term interest rates unchanged at its latest meeting, keeping its Fed fund target rate range at 3.75-4.0%. The release, "Federal Reserve issues FOMC statement," says, "The Federal Open Market Committee approved the following statement for release by a 10–2 vote: The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a strong pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated. The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal. The Committee will deliver price stability." They add, "Voting against the monetary policy action were Lisa D. Cook and Beth M. Hammack, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting." We expect money market funds yields to remain flat in coming weeks, though they could inch higher ahead of the Fed's next December 9 meeting.
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 Oct. 23) includes Holdings information from 74 money funds (up 11 from a week ago), or $4.788 trillion (up from $4.304 trillion) of the $8.339 trillion in total money fund assets (or 57.4%) 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 Oct. 13 News, "Oct. MF Portfolio Holdings: Assets Drop; Treasuries Plunge, Repo Rises.") Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.205 trillion (up from $2.014 trillion a week ago), or 46.1%; Repurchase Agreements (Repo) totaling $1.590 trillion (up from $1.423 trillion a week ago), or 33.2%, and Government Agency securities totaling $562.0 billion (up from $509.2 billion a week ago), or 11.7%. Commercial Paper (CP) totaled $190.0 billion (up from $141.2 billion a week ago), or 4.0%. Certificates of Deposit (CDs) totaled $108.7 billion (up from $88.0 billion a week ago), or 2.3%. The Other category accounted for $70.8 billion or 1.5%, while VRDNs accounted for $60.8 billion or 1.3%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.205 trillion, Fixed Income Clearing Corp with $497.2B, the Federal Home Loan Bank with $373.9B, JP Morgan with $160.0B, Federal Farm Credit Bank with $114.1B, BNP Paribas with $111.2B, Citi with $105.7B, Wells Fargo with $101.6B, RBC with $101.0B and Bank of America with $67.5B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($367.6B), JPMorgan US Govt MM ($340.3B), Goldman Sachs FS Govt ($296.6B), Fidelity Inv MM: Govt Port ($246.6B), Morgan Stanley Inst Liq Govt ($222.1B), BlackRock Lq FedFund ($190.5B), BlackRock Lq Treas Tr ($187.8B), State Street Inst US Govt ($182.7B), Federated Hermes Govt ObI ($174.3B) and Dreyfus Govt Cash Mgmt ($159.6B). (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 Moves Up to 3.73%
Money fund yields (7-day, annualized, simple, net) rose by 2 bps to 3.73% on average during the week ended Friday, October 23 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps a week ago. Money fund yields have moved higher over the past 4 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should inch higher in coming days as they absorb the last remnants of the Fed's hike (and prepare for the next one). Yields were 3.67% on 9/30/26, 3.51% on 8/31, 3.49% on 7/31, 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 727), shows a 7-day yield of 3.63%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.83% in the latest week. Government Inst MFs were up 2 bps at 3.71%. Treasury Inst MFs were up 3 bps at 3.72%. Treasury Retail MFs currently yield 3.48%, Government Retail MFs yield 3.44% and Prime Retail MFs yield 3.61%, Tax-exempt MF 7-day yields were down 2 bps to 1.69%. Assets increased $10.3 billion in the week through Friday, and they've increased by $45.6 billion in October month-to-date (through 10/23). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased $48.0 billion in September, increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 35 days for the Crane MFA and 35 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 23, 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.
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