Crane 100 MF Index Up to 3.45%
Money fund yields (7-day, annualized, simple, net) were up 1 basis point to 3.45% on average during the week ended Friday, June 5 (as measured by our Crane 100 Money Fund Index), after increasing two 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 six weeks ago. Yields were 3.47% on 4/30/26 and 3/31/26, 3.49% on 2/28/26, 3.50% on 1/31/26, 3.58% on 12/31/25, 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 710), shows a 7-day yield of 3.35%, unchanged in the week through Friday. Prime Inst money fund yields were unchanged at 3.58% in the latest week. Government Inst MFs were unchanged at 3.44%. Treasury Inst MFs were unchanged at 3.41%. Treasury Retail MFs currently yield 3.18%, Government Retail MFs yield 3.17% and Prime Retail MFs yield 3.36%, Tax-exempt MF 7-day yields were up 18 bps to 1.73%. Money market mutual fund assets have now hit an all-time record high of $8.346 trillion on June 4, the previous record of $8.334 trillion was seen two days prior (6/2), and prior to that, $8.292 trillion on May 29, according to our Money Fund Intelligence Daily. Assets have jumped $32.1 billion in the week through Friday, and they've increased by $32.1 billion in June month-to-date (through 6/5). MMF assets increased by $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 in July and $6.7 billion last June. Weighted average maturities were at 42 days for the Crane MFA and 44 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/5), just 171 money funds (out of 821 total) yield under 3.0% with $191.6 billion in assets, or 2.3%, while the vast majority (650) of funds yield between 3.00% and 3.99% ($8.132 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 two weeks prior. The latest Brokerage Sweep Intelligence, with data as of June 5, 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.
