Link of The Day
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.
Voya Govt MM Limits Expenses to 0.4%
A Prospectus Supplement filing for Voya Government Money Market Portfolio tells us, "Effective immediately, the Prospectuses are revised as follows: 1. Footnote number 2 of the sub-section of the Prospectus entitled 'Fees and Expenses of the Portfolio – Annual Portfolio Operating Expenses' in the Portfolio's Summary Section is deleted in its entirety and replaced with the following: 2. Voya Investments, LLC the 'Investment Adviser') is contractually obligated to limit expenses to 0.40% for Class I shares through May 1, 2027 (the 'Expense Limitation Agreement')." It continues, "`The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the trustees who are not 'interested persons' as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Portfolio's Board of Trustees (the 'Board'). The Expense Limitation Agreement shall terminate with respect to the Portfolio upon termination of the Portfolio's advisory agreement with the Investment Adviser, or it may be terminated by Voya Government Money Market Portfolio (the 'Trust'), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business." Voya adds, "2. The sub-section of the Prospectus entitled 'Expense Limitation Agreement – Voya Government Money Market Portfolio' in the 'Management of the Portfolios' of the Portfolio's Statutory Section is deleted in its entirety and replaced with the following: Money Market Portfolio Expense Limitation Agreement. The distributor and the Investment Adviser have contractually agreed to waive a portion of their management fees and distribution and/or shareholder servicing fees, as applicable, and to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than zero on a daily basis. There is no guarantee that the Portfolio will maintain such a yield. When distribution fees are reduced, dealer compensation may be reduced to the same extent. Management fees waived and expenses reimbursed by the Investment Adviser are subject to possible recoupment by the Investment Adviser within three years. Recoupment is permitted only to the extent that the Portfolio's gross income exceeds its expenses and may not result in a daily yield of less than 0.00%. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. Distribution and servicing fees waived are not subject to recoupment. This Money Market Portfolio Expense Limitation Agreement will continue through May 1, 2027. Termination or modification of this arrangement requires approval by the Board."
ICI: MMF Assets Up to $7.94 Trillion
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing $15.0 billion to $7.936 trillion. Assets fell $52.0 billion the previous week and decreased $5.9 billion the week before this. Assets saw a record high of $7.979 trillion three weeks prior. MMF assets are up by $622 billion, or 8.5%, over the past 52 weeks (through 9/23/26), with Institutional MMFs up $469 billion, or 10.8% and Retail MMFs up $153 billion, or 5.2%. Year-to-date in 2026, MMF assets are up by $203 billion, or 2.6%, with Institutional MMFs up $168 billion, or 3.6% and Retail MMFs up $35 billion, or 1.1%. ICI's weekly release says, "Total money market fund assets increased by $15.00 billion to $7.94 trillion for the week ended Wednesday, September 23, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $389 million and prime funds increased by $10.95 billion. Tax-exempt money market funds increased by $3.66 billion." ICI's stats show Institutional MMFs increasing $15.3 billion and Retail MMFs decreasing $0.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.531 trillion (82.3% of all money funds), while Total Prime MMFs were $1.251 trillion (15.8%). Tax Exempt MMFs totaled $154.1 billion (1.9%). It explains, "Assets of retail money market funds decreased by $256 million to $3.11 trillion. Among retail funds, government money market fund assets decreased by $774 million to $1.98 trillion, prime money market fund assets decreased by $1.96 billion to $989.43 billion, and tax-exempt fund assets increased by $2.48 billion to $139.70 billion." Retail assets account for 39.2% 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 $15.26 billion to $4.82 trillion. Among institutional funds, government money market fund assets increased by $1.16 billion to $4.55 trillion, prime money market fund assets increased by $12.91 billion to $261.99 billion, and tax-exempt fund assets increased by $1.18 billion to $14.38 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 94.3% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $1.3 billion to $8.343 trillion month-to-date in September (as of 9/23), assets reached an all-time high of $8.404 trillion on July 6. Assets 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, $142.1 billion in October and $105.2 billion last September. 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.
Fidelity Cuts Capital One from Sweeps
Fidelity Investments says in a recent "FDIC Insured Deposit Sweep Program" disclosure, "Capital One Bank removal: As a result of the recent program bank list consolidation, Capital One Bank ('Capital One') will no longer participate in the Fidelity FDIC – Insured Deposit Sweep Program (the 'Program'). This change will affect Fidelity Cash Management Accounts and eligible Individual Retirement Accounts ('Retirement Accounts') that utilize the Program." They explain, "As a result, Fidelity will take the following steps: All eligible Fidelity Cash Management Accounts and Fidelity Retirement Accounts with a Program Bank list that includes Capital One as the first bank (the Primary Core Bank) will be assigned an updated Program Bank list with a new Primary Core Bank. For Fidelity Cash Management Accounts, on or around September 14, 2026, customers will be assigned the bank list with Leader Bank as the Primary Core Bank. For Fidelity Retirement Accounts, on or around September 21, 2026, customers will be assigned the bank list with Santander, Morgan Stanley, Morgan Stanley Private, or Leader Bank as the Primary Core Bank. Customers will receive a Revised Account Profile which will include the updated bank list." It states, "For Fidelity Cash Management Accounts, Fidelity will withdraw all customers' Program Deposits (other than accrued interest) from Capital One on or around September 16, 2026. For Fidelity Retirement Accounts, Fidelity will withdraw all customers' Program Deposits (other than accrued interest) from Capital One on or around September 23, 2026. These funds will be swept to the banks on the Program Bank List assigned to their account. Any accrued interest earned on Program Deposits at Capital One up through the date of the transfer will remain at the bank until it is posted to the customer's account and swept to the banks on the Program Bank List. This will occur on or around October 1, 2026."
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 Sept. 18) includes Holdings information from 55 money funds (down 8 from a week ago), or $3.692 trillion (down from $4.334 trillion) of the $8.300 trillion in total money fund assets (or 44.5%) 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 $1.758 trillion (down from $2.100 trillion a week ago), or 47.6%; Repurchase Agreements (Repo) totaling $1.258 trillion (down from $1.434 trillion a week ago), or 34.1%, and Government Agency securities totaling $415.6 billion (down from $454.5 billion a week ago), or 11.3%. Commercial Paper (CP) totaled $118.8 billion (down from $151.7 billion a week ago), or 3.2%. Certificates of Deposit (CDs) totaled $49.5 billion (down from $82.9 billion a week ago), or 1.3%. The Other category accounted for $54.5 billion or 1.5%, while VRDNs accounted for $38.4 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.758 trillion, Fixed Income Clearing Corp with $400.3B, the Federal Home Loan Bank with $262.9B, JP Morgan with $124.6B, Citi with $105.1B, Federal Farm Credit Bank with $94.3B, RBC with $82.6B, BNP Paribas with $81.9B, Wells Fargo with $74.6B and Goldman Sachs with $44.7B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($364.7B), JPMorgan US Govt MM ($339.5B), Goldman Sachs FS Govt ($268.2B), Fidelity Inv MM: Govt Port ($260.5B), Morgan Stanley Inst Liq Govt ($204.7B), State Street Inst US Govt ($200.6B), Fidelity Inv MM: MM Port ($158.7B), Fidelity Inv MM: Treas Only ($153.3B), Dreyfus Govt Cash Mgmt ($151.3B) and First American Govt Oblg ($129.2B). (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 MF Index Rises to 3.57%
Money fund yields (7-day, annualized, simple, net) rose 6 basis points to 3.57% on average during the week ended Friday, September 18 (as measured by our Crane 100 Money Fund Index), after going unchanged the week prior. Fund yields should jump in coming days (and weeks) as they digest last week's 1/4-point increase in the Federal funds target rate. 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 3.47%, up 6 bps in the week through Friday. Prime Inst money fund yields were up 8 bps at 3.69% in the latest week. Government Inst MFs were up 5 bps at 3.55%. Treasury Inst MFs were up 7 bps at 3.56%. Treasury Retail MFs currently yield 3.32%, Government Retail MFs yield 3.28% and Prime Retail MFs yield 3.44%, Tax-exempt MF 7-day yields were up 33 bps to 2.57%. Assets decreased $7.9 billion in the week through Friday, and they've decreased by $41.2 billion in September month-to-date (through 9/18). 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 38 days for the Crane MFA and 38 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of September 18, shows one change over the past week, Fidelity raised rates for all accounts of $1K to greater than $5 million to 1.94%. 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.
JPMAM's Du Plessis on Euro MMFs
J.P. Morgan Asset Management writes on European Euro-denominated money market funds in "ECB fuelled by uncertainty." Portfolio Manager Johan Du Plessis writes, "The Governing Council voted unanimously to raise all three key ECB interest rates by 25 bps, bringing the deposit facility rate to 2.50%, a level widely perceived to sit at the upper end of the neutral policy rate range. The accompanying statement left little doubt about what is driving the decision: persistent inflationary pressure stemming from the Middle East conflict, with prices expected to remain above target for an extended period. President Lagarde added important colour during the press conference, clarifying that inflation is unlikely to return to target before the second half of 2027 a timeline that will focus minds." He tells us, "While the September decision to raise rates was described by Largarde in the press conference as a 'no-brainer', any move to increase rates from here should face a higher bar, given this will start to move rates into more restrictive territory. Faced with a highly uncertain outlook, the ECB are wise to retain full optionality around future policy decisions. The lack of resolution to the Middle East conflict has moved spot energy prices closer to the ECB's adverse scenario. The longer this situation persists, then the more likely the ECB will be to follow up with further hikes. Market pricing for the terminal ECB rate remains highly correlated with energy prices, and will likely remain volatile until a lasting resolution to the conflict is found. With an additional 75bps of further hikes and a terminal rate of 3.25%, we feel this is looking a little overdone." The PM adds, "The deposit rate increase takes effect on 16 September when the yield on the EUR Low Volatility Net Asset Value (LVNAV) strategy is expected to increase by around 10 basis points. This reflects higher returns on overnight reverse repo and time deposits, as well as the contribution from floating rate assets held in the strategy. With markets remaining volatile, the strategy remains focused on active duration management. Given the steepness of the money market yield curve and market pricing that is elevated relative to our expectations, we will look for opportunities to lock in higher yields through term investments. At the same time, we will continue to size trades conservatively and average into positions over time. We also maintain exposure to floating-rate instruments, which can help hedge against faster-than-expected rate increases. Finally, we retain a high-liquidity profile, enabling us to reinvest efficiently as market rates evolve." (Note: JPMAM's Du Plessis will be speaking on the "Senior PM Perspectives panel at our European Money Fund Symposium, which is Sept. 24-25 in Paris.)
WisdomTree Does Deal with MoonPay
A press release, "WisdomTree and MoonPay Collaborate to Expand U.S. Access to Tokenized Funds and to Support Stablecoin Reserves," tells us, "WisdomTree (WT) ... and MoonPay ... have announced a strategic collaboration to make the WisdomTree Treasury Money Market Digital Fund (WTGXX), a tokenized money market mutual fund, more accessible to everyday investors in the U.S. via MoonPay. As part of this initiative, MoonPay plans to use WTGXX as part of its stablecoin reserve management, and WisdomTree is building an access point for its tokenized funds that leverages MoonPay's technology and platform." Jonathan Steinberg, Founder and CEO of WisdomTree, comments, "Money moves differently today, and investing needs to keep pace. Stablecoins are reshaping how people and businesses both hold and move value, and working with MoonPay as an access point can give eligible U.S. investors another path to deploy their assets into WTGXX. For us, progress means creating more natural, intuitive ways to put capital to work, and making tokenized funds a practical part of an investor’s portfolio management is how we get there." The release says, "MoonPay's blockchain technology is expected to support the planned access point, enabling WisdomTree to reach individual investors directly beyond its own direct channels via its broker-dealer, WisdomTree Securities, Inc., and into MoonPay's network, which hosts over 35 million accounts and serves more than 1,700 partners." Moonpay Institutional's Caroline Pham adds, "This year, we have seen rapid adoption of blockchain infrastructure and tokenization of financial assets to expand investor access. Our working relationship with WisdomTree demonstrates how financial innovation can enable better experiences for investors in U.S. regulated markets and products." See also, "Allfunds and HSBC collaborate to launch same-day settlement capability for Hong Kong money market funds." It says, "Allfunds, a leading global wealth management platform, today announces a strategic collaboration with HSBC to deliver enhanced same-day (T+0) settlement capabilities for Hong Kong money market funds."
FOMC Raises Target Rate to 3.75-4.0%
In its first move since cutting the Federal funds target rate by 1/4 point in December 2025, the Federal Reserve Open Market Committee voted unanimously to raise rates by 1/4 point to a range of 3.75-4.0%. The release, "Federal Reserve Issues FOMC Statement," tells us, "The Federal Open Market Committee approved the following statement for release by a 12–0 vote: The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 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 solid 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. Today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability." Money market mutual fund yields, as measured by our Crane 100 Money Fund Index, currently average a yield of 3.51%. Yields should move higher in coming days and weeks, and should level off around 3.75% prior to Halloween. (Money funds have average WAMs, or weighted average maturities of 37 days, which means their portfolio should turn over and reflect the higher rates in just over a month.) Yields should begin moving higher starting Thursday, and they should jump next week as the higher overnight "repo" rates make their way through the 7-day yield averages.
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 Sept. 11) includes Holdings information from 63 money funds (up 8 from two weeks ago), or $4.334 trillion (up from $3.725 trillion) of the $8.337 trillion in total money fund assets (or 52.0%) 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 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 $2.100 trillion (up from $1.813 trillion two weeks ago), or 48.4%; Repurchase Agreements (Repo) totaling $1.434 trillion (up from $1.248 trillion two weeks ago), or 33.1%, and Government Agency securities totaling $454.5 billion (up from $416.2 billion two weeks ago), or 10.5%. Commercial Paper (CP) totaled $151.7 billion (up from $114.7 billion two weeks ago), or 3.5%. Certificates of Deposit (CDs) totaled $82.9 billion (up from $49.2 billion two weeks ago), or 1.9%. The Other category accounted for $69.2 billion or 1.6%, while VRDNs accounted for $42.3 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.100 trillion, Fixed Income Clearing Corp with $392.1B, the Federal Home Loan Bank with $279.3B, JP Morgan with $146.8B, Citi with $119.8B, Federal Farm Credit Bank with $104.0B, BNP Paribas with $98.9B, Wells Fargo with $95.1B, RBC with $92.7B and Bank of America with $64.0B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($364.0B), JPMorgan US Govt MM ($336.6B), Goldman Sachs FS Govt ($269.1B), Fidelity Inv MM: Govt Port ($265.6B), Morgan Stanley Inst Liq Govt ($205.9B), BlackRock Lq Treas Tr ($195.5B), State Street Inst US Govt ($194.0B), BlackRock Lq FedFund ($189.0B), Fidelity Inv MM: MM Port ($159.9B) and Fidelity Inv MM: Treas Only ($153.8B). (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 MF Index Holds at 3.51%
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.51% on average during the week ended Friday, September 11 (as measured by our Crane 100 Money Fund Index), after increasing 1 bp the week prior. Fund yields 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 724), shows a 7-day yield of 3.42%, up 1 bp in the week through Friday. Prime Inst money fund yields were unchanged at 3.61% in the latest week. Government Inst MFs were unchanged at 3.50%. Treasury Inst MFs were unchanged at 3.49%. Treasury Retail MFs currently yield 3.26%, Government Retail MFs yield 3.23% and Prime Retail MFs yield 3.39%, Tax-exempt MF 7-day yields were up 21 bps to 2.07%. Assets decreased $16.0 billion in the week through Friday, and they've decreased by $4.3 billion in September month-to-date (through 9/11). 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, decreased by $61.4 billion in July, 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 and $105.2 billion last September. Weighted average maturities were at 38 days for the Crane MFA and 38 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (9/11), just 157 money funds (out of 840 total) yield under 3.0% with $190.2 billion in assets, or 2.3%, while the vast majority (683) of funds yield between 3.00% and 3.99% ($8.147 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 sixteen weeks prior. The latest Brokerage Sweep Intelligence, with data as of September 11, 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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