Fitch Ratings published "U.​S. Money Market Funds: 4Q23" yesterday, which tells us, "Total taxable money market fund (​MMF) assets increased by $​219.​5 billion from September 30, 2023 to December 31, 2023, according to Crane Data. Government MMFs gained $​88.​6 billion in assets during this period, prime MMFs gained $​50.​8 billion, and treasury MMFs gained $​80.​1 billion. Total MMF assets increased by $​1.​1 trillion in 2023." It continues, "Taxable MMFs increased their exposure to Treasury securities from September to December. Treasury holdings increased by $​498 billion from September 30, 2023 to December 31, 2023 while Repo holdings decreased by $​275 billion over the same period, according to Crane Data. MMFs' allocation to Treasury securities increased by over $​1 trillion over the course of 2023." Finally, the brief adds, "As of December 31, 2023, institutional government and prime MMF net yields were 5.​17% and 5.​31%, respectively, per Crane Data. Yields increased significantly in 2023 but have remained stable since the last Fed rate hike in July."

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