News Archives: September, 2026
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 Aug. 28) includes Holdings information from 55 money funds (down 12 from a week ago), or $3.725 trillion (down from $4.169 trillion) of the $8.364 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 Aug. 12 News, "August Portfolio Holdings: Assets Flat; Treasuries Jump, Repo Plunges.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.813 trillion (down from $1.925 trillion a week ago), or 48.7%; Repurchase Agreements (Repo) totaling $1.248 trillion (down from $1.446 trillion a week ago), or 33.5%, and Government Agency securities totaling $416.2 billion (down from $460.9 billion a week ago), or 11.2%. Commercial Paper (CP) totaled $114.7 billion (down from $149.3 billion a week ago), or 3.1%. Certificates of Deposit (CDs) totaled $49.2 billion (down from $69.8 billion a week ago), or 1.3%. The Other category accounted for $45.2 billion or 1.2%, while VRDNs accounted for $38.6 billion or 1.0%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.813 trillion, Fixed Income Clearing Corp with $357.1B, the Federal Home Loan Bank with $251.1B, JP Morgan with $125.5B, Citi with $101.9B, Federal Farm Credit Bank with $96.2B, BNP Paribas with $85.0B, RBC with $84.6B, Wells Fargo with $76.1B and Credit Agricole with $48.0B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($362.8B), JPMorgan US Govt MM ($346.5B), Fidelity Inv MM: Govt Port ($281.5B), Goldman Sachs FS Govt ($272.1B), State Street Inst US Govt ($210.4B), Morgan Stanley Inst Liq Govt ($208.0B), Fidelity Inv MM: MM Port ($162.7B), Dreyfus Govt Cash Mgmt ($158.7B), Fidelity Inv MM: Treas Only ($144.6B) and Invesco Govt & Agency ($126.5B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, a Commentary piece was posted on Reuters which asks, "What's really driving flows into the $13.5 trillion money market pool?" Written by Federated Hermes' Deborah Cunningham, it tells us, "Money market fund assets hit a record $13.5 trillion in the first quarter. [Crane Data Note: This is a global total and not just U.S. MMFs.] This upward trend began over four years ago, at a point in the rate cycle that historically heralded outflows from the asset class. So, what is driving these continued inflows and how does this shape how investors view this ever-growing pool of liquid capital?"
She explains, "MMFs that invest in short-term, high-quality debt -- like Treasury bills -- have enjoyed extraordinary growth since mid-2022. While estimates vary, U.S. MMF assets have surged approximately 58% to 65% since December 2022. Global holdings in this asset class have also now climbed to a whopping 15% of worldwide regulated open-end fund assets."
The piece continues, "From March 2022 to July 2023, MMFs were primarily riding the wave of the aggressive Federal Reserve rate-hiking cycle. The U.S. central bank sought to curb post-pandemic inflation by lifting the fed funds rate to its highest levels in decades, which made the short end of the yield curve particularly attractive. These inflows were largely driven by retail investors. Capital poured into MMFs from savers seeking yields above those offered by standard bank deposits."
It says, "Conventional wisdom based on the aftermath of the 2018 to 2019 hiking cycle -- when MMFs experienced significant withdrawals -- suggested those post-pandemic flows would reverse once central banks pivoted to cutting rates. However, that has not materialised. While the Fed has cut rates since 2024, industry-wide MMF assets have kept growing."
Cunningham writes, "This initially reflected the structure of these funds. Money market portfolios typically operate a 'laddered' strategy -- investing in securities of different maturities. This means yields on these portfolios typically decline more slowly than market rates. Over the past two years, however, the massive inflows have instead reflected a shift in both investment strategy and capital sources."
She adds, "From mid-2023 onward, flows were increasingly driven by institutions seeking a haven from potential volatility in equity markets and longer-term fixed income markets. During a period of heightened macroeconomic and geopolitical uncertainty -- marked by trade wars and actual wars -- institutional investors were reminded of the enduring value of security, liquidity and operational certainty."
Finally, Cunningham says, "In short, yield is no longer the sole or even the primary rationale for holding cash in these vehicles. MMFs have instead become a strategic defensive sleeve within cash portfolios. Moreover, inflows now reflect a mix of retail and institutional cash, with a notable new contributor: corporate cash from the unprecedented cycle of AI-related capital raising."
Money fund yields (7-day, annualized, simple, net) were up 1 basis point to 3.50% on average during the week ended Friday, August 28 (as measured by our Crane 100 Money Fund Index), after being unchanged 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. (Note: We're still taking registrations for our European Money Fund Symposium, which is in just over 3 weeks -- Sept. 24-25, 2026 in Paris, France! We hope to see you there!)
The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 725), shows a 7-day yield of 3.41%, up 1 bp in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.61% in the latest week. Government Inst MFs were up 1 bp at 3.50%. Treasury Inst MFs were unchanged at 3.48%. Treasury Retail MFs currently yield 3.25%, Government Retail MFs yield 3.22% and Prime Retail MFs yield 3.39%, Tax-exempt MF 7-day yields were down 3 bps to 2.03%.
Assets increased $12.4 billion in the week through Friday, and they've increased by $75.4 billion in August month-to-date (through 8/28). But 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 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, $105.2 billion in September and $132.0 billion last August.
Weighted average maturities were at 39 days for the Crane MFA and 39 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (8/28), just 159 money funds (out of 836 total) yield under 3.0% with $190.4 billion in assets, or 2.3%, while the vast majority (677) of funds yield between 3.00% and 3.99% ($8.174 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 fourteen weeks prior. The latest Brokerage Sweep Intelligence, with data as of August 28, 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.
In other news, Silicon Valley Bank (SVB) published a "`Fixed Income Strategy" piece titled, "Options for Excess Cash: Balancing Liquidity, Risk and Yield." They write, "Some investors may be fretting about inflation data and a Federal Reserve that is signaling a more restrictive monetary policy stance. Certainly, that's how the US Treasury curve has interpreted the situation. However, the flip side is that the current environment now offers investors the potential to capture more attractive yields in a variety of ways. As interest rates remain elevated relative to the past decade, treasury teams are reevaluating how they manage excess cash. Which path is right for you? Let’s take a closer look at some of today's viable options."
The piece continues, "While preserving principal and maintaining liquidity remain paramount, many organizations are asking whether they can generate additional income without taking undue risk. Thus, understanding the differences between government money market funds, short-duration bond funds and SMAs can help organizations align their cash investment strategy with their liquidity needs and risk tolerance. In our experience, companies in the innovation economy are taking a closer look at what to do with excess cash in a business environment -- specifically, how to generate income without compromising the liquidity their operations require. The key challenge for many of these organizations is balancing uncertain operating timelines with the desire to earn additional income on strategic cash reserves."
It tells us, "The primary distinction among these investment options is the trade-off between liquidity, principal stability and income potential. Finding that sweet spot is key. As investors move from government money market funds toward SMAs and short-duration bond funds, the opportunity for additional income generally increases along with interest rate risk, credit risk and liquidity risk. A useful way to understand this trade-off is through net asset value (NAV), which represents the market value of a fund's holdings on a per-share basis."
SVB states, "For organizations weighing where to put excess cash, the answer depends on the intended purpose and time horizon of each cash tranche. So how do you determine which option best fits your needs? In general, government money market funds are great options for immediate cash needs, such as near-term payroll or one- to six-month operating cash needs. The primary goals are capital preservation, immediate liquidity and safety. They function as a cash management tool and are appropriate when funds may be needed in the near term."
They explain, "SMAs are often most appropriate for reserve cash that is not needed immediately but still requires a defined liquidity profile. By tailoring maturity limits, credit parameters and sector exposure with an SMA, organizations can seek incremental income while maintaining investment guidelines that align with their operational requirements. Cash expected to remain invested for six to 12 months may be invested differently than funds needed for near-term operations, potentially helping organizations earn additional income while maintaining appropriate liquidity."
The article adds, "Short-duration bond funds may be better suited if it's more important to capture potentially higher income while accepting a moderate level of interest rate and credit risk. This option can provide an effective balance between stability and return but with a longer investment horizon, usually 18+ months. In all likelihood, this would be better known as strategic cash or cash for longer-term deployment, as opposed to an immediate need such as covering payroll."
