Crane 100 MF Index Down to 5.12%

Jun 11 24

Money fund yields were down 2 bps to 5.12% on average (as measured by our Crane 100 Money Fund Index) in the week ended May 31, after rising 1 bp the week prior. Our Crane 100 is an average of 7-day yields for the 100 largest taxable money funds. Yields were 5.13% on 4/30, 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 rose by $10.0 billion last week to $6.483 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%, down 1 bp in the week through Friday. Prime Inst MFs were down 2 bps at 5.19% in the latest week. Government Inst MFs were down 1 bp at 5.11%. Treasury Inst MFs were down 1 bp at 5.07%. Treasury Retail MFs currently yield 4.85%, Government Retail MFs yield 4.83%, and Prime Retail MFs yield 5.03%, Tax-exempt MF 7-day yields were down 34 bps at 2.79%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/7), 97 money funds (out of 832 total) yield under 3.0% with $101.3 billion in assets, or 1.6%; 27 funds yield between 3.00% and 3.99% ($33.7 billion, or 0.5%), 255 funds yield between 4.0% and 4.99% ($1.331 trillion, or 20.5%) and 453 funds now yield 5.0% or more ($5.017 trillion, or 77.4%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was down 1 bp at 0.62%. The latest Brokerage Sweep Intelligence, with data as of June 7, shows that there was one change over the past week, RW Baird lowered rates to 1.92% for accounts of $1 to $999K, to 3.04% for accounts of $1M to $1.9M and to 3.96% for accounts of $5M and greater. Three weeks prior we saw the removal of TD Ameritrade from the listings pushed the averages higher (2 bps). Three of the 10 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. (Note: Four weeks ago we removed rates for TD Ameritrade from BSI since it completed its merger with Charles Schwab.)

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