Crane 100 Index Remains at 5.12%
Money fund yields were unchanged at 5.12% on average (as measured by our Crane 100 Money Fund Index) in the week ended April 19, after inching lower the week prior. Our Crane 100 is an average of 7-day yields for the 100 largest taxable money funds. Yields were 5.14% on 3/31 and 2/29/24, 5.17% on 1/31/24, 5.20% on 12/31/23, 4.94% on 6/30/23, 4.61% on 3/31/23 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 fell by $71.8 billion last week to $6.336 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 712), shows a 7-day yield of 5.03%, up 1 bp in the week through Friday. Prime Inst MFs were unchanged at 5.22% in the latest week. Government Inst MFs were unchanged at 5.10%. Treasury Inst MFs were up 1 bp at 5.06%. Treasury Retail MFs currently yield 4.84%, Government Retail MFs yield 4.82%, and Prime Retail MFs yield 5.04%, Tax-exempt MF 7-day yields were up 31 bps at 3.53%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (4/19), 7 money funds (out of 833 total) yield under 3.0% with $60 million in assets, or 0.0%; 115 funds yield between 3.00% and 3.99% ($124.4 billion, or 2.0%), 256 funds yield between 4.0% and 4.99% ($1.328 trillion, or 21.0%) and 455 funds now yield 5.0% or more ($4.883 trillion, or 77.1%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.61%. The latest Brokerage Sweep Intelligence, with data as of April 19, shows that there were no changes over the past week. 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.
