Fitch Ratings published, "U.​S. Money Market Funds: 3Q23," which tells us, "Total taxable money market fund (​MMF) assets increased by $​225.​4 billion from June 30, 2023 to September 30, 2023, according to Crane Data. Government MMFs gained $​73.​1 billion in assets during this period, prime MMFs gained $​64.​8 billion, and treasury MMFs gained $​87.​4 billion. Total MMF assets are up $​876.​8 billion since the beginning of the year.... Taxable MMFs increased their exposure to Treasury securities from June to September. Treasury holdings increased by $​515 billion from June 30, 2023 to September 30, 2023 while Repo holdings decreased by $​282 billion over the same period, according to Crane Data. Repo remained the largest portfolio segment for the 25th consecutive month." The brief adds, "As of September 30, 2023, institutional government and prime MMF net yields were 5.​14% and 5.​28%, respectively, per Crane Data. Yields are up significantly and have continued a steady positive trend since the Fed began increasing interest rates in March 2022."

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