Link of The Day
BNY on Money Funds, T-bill Issuance
BNY's John Velis asks in "More on money funds, T-bill issuance and funding markets," "Who is (and who will) buy the bills?" He explains, "Last week we discussed how slowing money market fund (MMF) growth could weigh on T-bill demand going into Q4. We argued that this could weigh on funding markets, given the importance of MMF participation in the T-bill market. This year, MMF T-bill holdings have fallen slightly, down by around $32bn through September, despite an increase of $570bn in bill supply. With T-bill issuance set to grow this coming quarter -- a back-of-the-envelope estimate is close to $500bn in new supply -- MMFs' continued reluctance to add bills to their asset allocation could indeed be a problem." The piece says, "Between 2023 and 2025, MMF AUM rose by an average of $1.03tn per year, closing 2025 with a then-record $8.1tn in total AUM. Between the end of 2025 and the end of this past September, MMF assets grew to $8.2tn, adding a mere $108bn in AUM. If we were to extrapolate the 2026 monthly average increase through the end of 2026 (approximately $12bn per month), we'd end the year with around $8.5tn in total assets, marking the slowest annual accumulation of cash in MMFs since 2022." The BNY update continues, "In early 2022, the Federal Reserve embarked upon what would be a 525bp rate hiking cycle, and MMF assets that year actually fell slightly -- and along with that, their T-bill purchases.... This behavior is typical during hiking cycles, and we can see in the chart that bank deposits initially increased as the tightening cycle commenced. With deposit rates generally moving in the same direction as policy rates, and money funds less willing to own longer-duration T-bills (meaning their own yields don't rise as fast as deposit rates), savers opted for deposits over MMF as a place for cash. This looks like it will be playing out again now, as we stare down the barrel of another hiking cycle." The article adds, "The question remains: who's been absorbing bill issuance this year, if not MMFs, and what happens as we head deeper into Q4 with auction sizes already starting to increase and Treasury likely to keep issuing ever more short-dated paper? Dealers have taken some of it. The 2025 monthly average saw primary dealers holding about $60bn in bills, while so far this year, the monthly average is pushing $81bn. Asset managers and other real money investors have increased their demand for bills, although foreign participants have been sporadic in their own take up of short-dated government paper."
Money Fund Yields Flat at 3.69%
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.69% on average during the week ended Friday, October 9 (as measured by our Crane 100 Money Fund Index), after increasing 3 bps the week prior. Money fund yields continued moving higher over the previous 2 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. 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 3.60%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.82% in the latest week. Government Inst MFs were up 1 bp at 3.68%. Treasury Inst MFs were up 1 bp at 3.67%. Treasury Retail MFs currently yield 3.44%, Government Retail MFs yield 3.42% and Prime Retail MFs yield 3.59%, Tax-exempt MF 7-day yields were down 39 bps to 2.54%. Assets decreased $15.5 billion in the week through Friday, and they've increased by $43.7 billion in October month-to-date (through 10/9). 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 36 days for the Crane MFA and 36 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 9, 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.
Digital Cash Deals in Singapore, France
A release titled, "DigiFT Unlocks On-Chain Access to Leading U.S Treasury Money Market Fund," tells us, "DigiFT, a Monetary Authority of Singapore-licensed digital asset exchange, ... launched tokenized access to interests in a U.S. Treasury money market fund managed by Fidelity Investments. The listing gives institutional and accredited investors on-chain access to interests in the fund.... Tokenized Treasury and money market instruments already represent the largest single category of tokenized real-world assets on public blockchains, reflecting sustained institutional demand for regulated, short-duration, high-quality instruments on-chain. The fund's holdings -- cash and short-dated U.S. Treasuries -- meet the reserve-asset criteria the United States set for its own payment stablecoin issuers under the GENIUS Act." Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity Investments, comments, "Tokenization has the potential to expand access to investment products while enabling new forms of liquidity, collateral utility, and investment innovation through its programmable infrastructure. In collaboration with DigiFT, we're furthering how institutional and accredited investors can access, use, and integrate on-chain investment products within emerging digital financial ecosystems." A separate announcement, "Fipto partners with Spiko to let treasurers earn a return on idle treasury balances," explains, "Fipto, the modern infrastructure for B2B payments and treasury powered by stablecoins, ... announced a partnership with Spiko to let clients put idle balances to work in regulated UCITS funds, from EUR balances and directly from EURC and USDC stablecoin balances. The investment service is provided by Spiko Finance SAS, an investment firm authorised by the ACPR." See also the press release, "Spiko Raises $90M Series B Led by NEA to Make Yield Universal," which mentions, "Money market funds have existed for decades and offer an efficient way to earn returns on cash. But outside the United States, they have never gone mainstream. Spiko bridges that gap. It designs its own range of regulated cash funds, from intraday liquidity to term products. Businesses access them through a desktop and mobile app, and any company or financial platform can embed them into its own product via an API. Clients include startups and scale-ups, research institutes, public institutions, VC funds, and medical practices, with funds available in euros, dollars, sterling, and Swiss francs.... Spiko issues its funds onchain and now ranks ahead of BlackRock and Franklin Templeton as the largest issuer of tokenized cash funds. Onchain funds run on the same rails as stablecoins and smart contracts, which makes cash programmable."
ICI: Assets Jump, Just Shy of Record
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets jumping $72.3 billion to $7.964 trillion. Assets decreased $45.4 billion the previous week and rose $15.2 billion the week before this. Assets saw a record high of $7.979 trillion five weeks ago, so they're just a hair short of the record. MMF assets are up by $578 billion, or 7.8%, over the past 52 weeks (through 10/7/26), with Institutional MMFs up $445 billion, or 10.1% and Retail MMFs up $133 billion, or 4.5%. Year-to-date in 2026, MMF assets are up by $230 billion, or 3.0%, with Institutional MMFs up $187 billion, or 4.0% and Retail MMFs up $43 billion, or 1.4%. ICI's weekly release says, "Total money market fund assets increased by $72.27 billion to $7.96 trillion for the week ended Wednesday, October 7, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $61.15 billion and prime funds increased by $4.11 billion. Tax-exempt money market funds increased by $7.02 billion." ICI's stats show Institutional MMFs increasing $58.3 billion and Retail MMFs increasing $14.0 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.561 trillion (82.4% of all money funds), while Total Prime MMFs were $1.240 trillion (15.6%). Tax Exempt MMFs totaled $163.0 billion (2.0%). It explains, "Assets of retail money market funds increased by $14.01 billion to $3.12 trillion. Among retail funds, government money market fund assets increased by $6.49 billion to $1.99 trillion, prime money market fund assets increased by $1.78 billion to $987.50 billion, and tax-exempt fund assets increased by $5.74 billion to $147.30 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 increased by $58.27 billion to $4.84 trillion. Among institutional funds, government money market fund assets increased by $54.66 billion to $4.58 trillion, prime money market fund assets increased by $2.33 billion to $252.26 billion, and tax-exempt fund assets increased by $1.28 billion to $15.68 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 94.5% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $81.5 billion to $8.375 trillion month-to-date in October (as of 10/7), assets reached an all-time high of $8.404 trillion on July 6. Assets 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, $132.8 billion in November and $142.1 billion last October. 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.
BlackRock, ISDA Push Tokenized MMFs
An article titled, "BlackRock's Nikhil Sharma pitches tokenized money market funds as instant collateral at TOKEN2049," on a website called Crypto Briefing," tells us, "Nikhil Sharma, BlackRock's Director of Digital Assets, says tokenized money market funds could be posted as collateral directly. That means no redemption step and no waiting days for cash to settle. Sharma is on the speaker lineup for TOKEN2049 Singapore 2026, set for October 7-8 at Marina Bay Sands. His focus is tokenized money market funds (tMMFs) and stablecoins." The piece adds, "On August 3, 2026, BlackRock launched two new tokenized funds: BSTBL and BRSRV. Both are targeting eligibility as reserve assets under the US GENIUS Act, the federal framework for stablecoins. BRSRV is built specifically for stablecoin reserves and digital-native institutions. Both products build on BUIDL, the tokenized fund BlackRock introduced in March 2024. BUIDL currently manages around $2.5 billion in assets. BlackRock has rolled out tokenized share classes for its European UCITS money market funds, which totaled $311 billion in assets under management as of June 30, 2026." In related news, a speech from the ISDA Digital Assets Forum" quotes Scott O'Malia's Opening Remarks." He comments, "I'll start with tokenization. By enabling near-instant settlement, improving intraday liquidity management and enhancing cross-border collateral mobility, tokenization has the potential to bring substantial efficiency gains to the derivatives market. It also opens the door to new types of assets being posted as collateral, with tokenized money market funds emerging as the front-runner. With trillions of dollars held globally, money market funds have always been a promising source of collateral, but the operational workflows have prevented them from being posted directly. By tokenizing money market funds, we can overcome many of those operational challenges and enable market participants to reduce their reliance on cash and government securities for collateral. This, in turn, could improve market resilience during future episodes of stress, reducing the risk of liquidity squeezes."
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. 2) includes Holdings information from 61 money funds (down 2 from a week ago), or $4.330 trillion (up from $3.869 trillion) of the $8.367 trillion in total money fund assets (or 51.8%) 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 Sept. 11 News, "Sept. MF Portfolio Holdings: Assets Jump; Treasuries Surge, Repo Falls.") Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.024 trillion (up from $1.772 trillion a week ago), or 46.7%; Repurchase Agreements (Repo) totaling $1.479 trillion (up from $1.307 trillion a week ago), or 34.2%, and Government Agency securities totaling $481.9 billion (up from $410.4 billion a week ago), or 11.1%. Commercial Paper (CP) totaled $154.8 billion (down from $170.7 billion a week ago), or 3.6%. Certificates of Deposit (CDs) totaled $83.8 billion (down from $93.5 billion a week ago), or 1.9%. The Other category accounted for $64.8 billion or 1.5%, while VRDNs accounted for $41.7 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.024 trillion, Fixed Income Clearing Corp with $430.6B, the Federal Home Loan Bank with $311.3B, JP Morgan with $149.9B, Citi with $118.0B, Federal Farm Credit Bank with $102.4B, BNP Paribas with $101.2B, RBC with $101.0B, Wells Fargo with $96.9B and Goldman Sachs with $60.8B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($354.8B), JPMorgan 100% US Trs MM ($354.5B), Goldman Sachs FS Govt ($281.8B), Fidelity Inv MM: Govt Port ($249.5B), Morgan Stanley Inst Liq Govt ($214.2B), BlackRock Lq Treas Tr ($191.1B), BlackRock Lq FedFund ($190.5B), State Street Inst US Govt ($187.1B), Fidelity Inv MM: MM Port ($157.9B) and Dreyfus Govt Cash Mgmt ($153.3B). (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 Rise to 3.69%
Money fund yields (7-day, annualized, simple, net) rose 3 basis points to 3.69% on average during the week ended Friday, October 2 (as measured by our Crane 100 Money Fund Index), after increasing 9 bps the week prior. Money fund yields continued moving higher over the past 2 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. 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 3.58%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.81% in the latest week. Government Inst MFs were up 2 bps at 3.67%. Treasury Inst MFs were up 3 bps at 3.66%. Treasury Retail MFs currently yield 3.43%, Government Retail MFs yield 3.39% and Prime Retail MFs yield 3.58%, Tax-exempt MF 7-day yields were up 11 bps to 2.93%. Assets increased $40.3 billion in the week through Friday, and they've increased by $73.6 billion in October month-to-date (through 10/2). 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 36 days for the Crane MFA and 37 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 2, shows one change over the past week, Raymond James raised rates for all accounts of $1K to $249K to 0.05%, accounts of $250K to $499K to 0.10%, accounts of $500K to $999K to 0.12%, accounts of $1 million to $4.9 million to 1.15% and accounts of $10 million and greater to 1.75%. 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.
Reuters Says Merrill Settles Sweep Suit
Reuters writes, "BofA's Merrill Lynch settles cash sweep case for $39 million, must face second lawsuit." The article explains, "Bank of America's Merrill Lynch unit will pay $39 million to settle a class action claiming it paid brokerage customers near-zero interest rates instead of market rates on idle cash in their retirement accounts. The preliminary settlement was filed late Wednesday in Manhattan federal court and requires approval by US District Judge Valerie Caproni. In a separate case, US District Judge Margaret Garnett in Manhattan ordered Merrill Lynch to face most of a similar proposed class action covering retirement and non-retirement accounts. Her decision was dated Wednesday and made public on Thursday." The piece tells us, "Many large banks and brokerages have been sued for allegedly 'sweeping' customers' cash into accounts that paid low or near-zero interest instead of market rates, boosting profits. These lawsuits proliferated in 2023 and 2024 when interest rates were rising." It states, "The settlement resolved claims by holders of Merrill Edge online accounts between December 15, 2016 and March 15, 2020 that allegedly paid 0.05% to 0.14% while other brokerages paid their customers about 2%. Merrill Lynch denied wrongdoing. It agreed in January 2025 to pay $25 million to settle cash sweep claims by the US Securities and Exchange Commission, without admitting wrongdoing." Reuters adds, "Lawsuits over low-yielding sweep accounts have had mixed success. In February, a third Manhattan federal judge said JPMorgan Chase must face part of one such lawsuit. On September 18, a fourth Manhattan federal judge granted final approval to a $70 million settlement with Oppenheimer & Co." For more on Brokerage Sweep lawsuits, see these Crane Data News stories: "Reuters on JPMorgan Sweeps Lawsuit (2/19/26), "Central Bank of Ireland on Fund Regulations; Brokerage Sweeps Lawsuits (8/5/24), "Tradeweb Completes ICD Acquisition; AdvisorHub on Wells Sweep Suit (8/2/24), "IN: Ameriprise Sued Over Sweeps" (7/31/24), "Federated Hermes' Donahue, Cunningham Call Hits Sweeps, Flows, Rates" (7/29/24), "Ameriprise, Raymond James Discuss Sweeps Issues on Earnings Call Q&As" (7/26/24), "Barron's Writes on Pressure on Sweeps" (7/25/24), "WSJ, Investment News on Brokerage Deposit, Advisory Sweep Pressures" (7/19/24), "Schwab, BlackRock Q2 Earnings: Cash Migration Slowing, But Continues" (7/17/24) and "Cash of the Titans Part II: Merrill Hit By Lawsuit Over Brokerage Sweeps (9/3/19).
Capitolis to Acquire eSecLending
A press release, "Capitolis to Acquire eSecLending in $200 Million All-Cash Transaction, Expanding Its Financial Resource Management Solutions and Client Base to Include Largest Asset Owners," states, "Capitolis, the financial technology company, ... announced an agreement to acquire eSecLending for $200 million in an all-cash transaction. eSecLending is a leading independent securities lending business working with many of the world's largest asset owners, including pension funds, insurance companies, and asset managers, to lend securities to major global banks. Over its 26-year history, eSecLending has built an extensive network of institutional investor relationships and a robust ecosystem that includes every major bank and prime broker, supporting its clients' securities financing transactions and fueling significant growth in recent years." It continues, "The acquisition extends the Capitolis platform, adding securities lending as a complementary capability to its existing financial resource optimization solutions. Together, the combined offering provides a differentiated set of capabilities for banks and institutional investors, helping them unlock greater efficiency, optimize resources, and access new opportunities across securities lending, repo, and financing markets. The acquisition also expands Capitolis' reach to eSecLending’s established network of institutional asset owners while adding the infrastructure, expertise, and scale to accelerate innovation and support future growth." The release quotes Capitolis President Okan Pekin, "We've known the eSecLending team for years and have already been partnering to introduce new solutions to the market. We've seen firsthand the strength of their client relationships, the quality of their business, and the deep expertise of their team. Bringing eSecLending and Capitolis together expands our network and enhances our offering with securities lending capabilities that naturally complement our existing set of solutions." CEO Gil Mandelzis adds, "This is a transformational acquisition for Capitolis. We have been enjoying exceptional organic growth over the past few years across our existing business lines, and eSecLending adds a highly complementary new business that aligns closely with our clients' evolving needs. We are thrilled to welcome Craig, the eSecLending team, and their clients to the Capitolis network as we broaden our offering and accelerate our growth."
State Street Sweep Now Live on Stellar
A press release titled, "State Street Galaxy Onchain Liquidity Sweep Fund Goes Live on Stellar," tells us, "The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now live on the Stellar network. Issued by State Street Investment Management, the asset management arm of State Street Corporation (STT), and tokenized by Galaxy, SWEEP represents a new option for eligible investors seeking a liquid, onchain cash management solution. SWEEP is a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund's portfolio. Eligible investors can subscribe and redeem in certain stablecoins, subject to availability from the fund's portfolio, 24 hours a day, seven days a week, instead of waiting on banking hours and settlement windows. On Stellar, the fund is issued through a Stellar smart contract, pairing programmable asset logic with the network’s native issuer controls for authorization, freeze, and clawback." Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, comments, "Cash management only moves onchain where the infrastructure has already proven it works. Stellar has run in production for more than a decade at 99.99% uptime, and SWEEP now puts one of the world's largest money market fund issuers on the Stellar network." The release adds, "SWEEP on Stellar runs on an open institutional stack. Galaxy provides the tokenization technology and distribution, Anchorage provides digital asset custody, Chainlink supports fund pricing and reserve data, NAV Consulting serves as transfer agent, and State Street Bank and Trust Company holds the fund's securities. Each function is handled by a specialized provider on a neutral public network, with no single vendor owning the rails. SWEEP is a private placement available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts."
WSJ Writes Again on AI, Deposits
We wrote yesterday, "WSJ Discusses AI's Impact on Brokerage Sweeps and Bank Cash Sorting," which said, "Just [last] week, the growing interest in Meta Platforms' artificial-intelligence agent Muse once again spooked markets into worrying that cash will be ever easier to move. If it is as simple as directing your agent to find the highest yield, then the inertia that used to protect financial institutions is going away." Today, the Journal follows up and asks, "Lazy Customers Are Great for Banks. Could AI Change That?" This update explains, "AI assistants may soon run your financial life. That could be a big problem for banks." The latest Journal piece tells us, "Americans forgo untold sums of money every year on what some might call a laziness tax, for oversights like failing to refinance their mortgage or incurring a late fee after forgetting to pay a bill. Another silent wealth killer: keeping too much cash sitting in checking or savings accounts that pay little or no interest. Now, artificial intelligence is threatening to put an end to all that." It states, "Apollo Global Management Chief Economist Torsten Slok recently raised the prospect of an AI-induced bank run, saying that people could use bots to sweep their money into accounts that pay higher interest rates. Slok's observation was widely shared on X, and brought to the fore other ways AI could save people money -- and hit corporate profits." The piece says, "The prospect of losing deposits sitting in checking and savings is especially troubling for banks, which rely on those funds to make loans that help keep the economy humming, pocketing the extra interest they make. 'Banks may call it an agentic bank run. Customers might call it checking the interest rate,' said one user on X, in response to Slok's observation. About $7.12 trillion sits in consumer and business bank checking accounts, according to the Federal Reserve Bank of St. Louis. Those often bear little or no interest." It adds, "Many Wall Street analysts don't think a draining of deposits would happen overnight, if at all. For one, banks' larger institutional clients are largely already doing this as a part of so-called treasury management, which involves moving cash into higher-yielding accounts or using it to pay down debt. Consumer accounts may only have a few thousand dollars in balances, and thus relatively less to gain." Finally, the WSJ writes, "There's also the trust factor. People like having their money somewhere they feel is secure, which is often in the traditional banks they know well. Big banks, for their part, tend to covet customers' direct-deposits, sticky funds that rarely move or chase rates, while accounting for the chance other deposits are flightier. 'You're not going to give your money to some bank you've never heard of,' said Peter Crane of Crane Data, which researches money-market funds. Still, investors appear to be taking the prospect of AI disruption seriously."
Crane 100 MF Index Rises to 3.66%
Money fund yields (7-day, annualized, simple, net) rose 9 basis points to 3.66% on average during the week ended Friday, September 25 (as measured by our Crane 100 Money Fund Index), after increasing 6 bps the week prior. Money fund yields continued moving higher over the past week as they digest the Federal Reserve's Sept. 16 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. Yields were 3.51% on 8/31/26, 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 3.56%, up 9 bps in the week through Friday. Prime Inst money fund yields were up 11 bps at 3.80% in the latest week. Government Inst MFs were up 10 bps at 3.65%. Treasury Inst MFs were up 7 bps at 3.63%. Treasury Retail MFs currently yield 3.39%, Government Retail MFs yield 3.37% and Prime Retail MFs yield 3.56%, Tax-exempt MF 7-day yields were up 22 bps to 2.79%. Assets increased $11.4 billion in the week through Friday, and they've decreased by $16.1 billion in September month-to-date (through 9/25). 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 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 37 days for the Crane MFA and 37 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of September 25, shows one change over the past week, RW Baird raised rates for all accounts of $1K to $999K to 1.07%, accounts of $1 million to $1.9 million to 1.71% and accounts of $5 million and greater to 2.24%. 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.
Archives »