Sweep Rates Inch Higher; Yields Flat

Feb 06 24

Money fund yields remained unchanged at 5.16% on average (as measured by our Crane 100 Money Fund Index) in the week ended Feb. 2, after falling 1 bp two weeks prior. Our Crane 100 is an average of 7-day yields for the 100 largest taxable money funds. Yields were 5.17% on 1/31/24, 5.20% on 12/31/23 and 11/30, 5.19% on 10/31, 5.17% on 9/30, 5.16% on 8/31, 5.09% on July 31, 4.94% on June 30, 4.61% on March 31 and 4.05% on 12/31/22. The vast majority of money market fund assets now yield 5.0% or higher. Assets of money market funds rose by $46.0 billion last week to $6.410 trillion according to Crane Data's Money Fund Intelligence Daily. Weighted average maturities were unchanged last week. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 690), shows a 7-day yield of 5.06%, down 1 bp in the week through Friday. Prime Inst MFs were down 1 bp at 5.27% in the latest week. Government Inst MFs were unchanged at 5.13%. Treasury Inst MFs were unchanged at 5.09%. Treasury Retail MFs currently yield 4.87%, Government Retail MFs yield 4.84%, and Prime Retail MFs yield 5.09%, Tax-exempt MF 7-day yields were up 17 bp at 3.43%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (2/2), 13 money funds (out of 811 total) yield under 3.0% with $3.6 billion in assets, or 0.1%; 108 funds yield between 3.00% and 3.99% ($121.1 billion, or 1.9%), 227 funds yield between 4.0% and 4.99% ($1.076 trillion, or 16.8%) and 463 funds now yield 5.0% or more ($5.209 trillion, or 81.3%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was up 1 bp at 0.62%. The latest Brokerage Sweep Intelligence, with data as of Feb. 2, shows that there was one change over the past week. RW Baird moved rates to 2.06% for balances of $1 to $999K, to 3.20% for balances of $1 million to $1.9 million, and to 4.14% for balances of $5 million and greater. Three of the 11 major brokerages tracked by our BSI still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.

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