Crane 100 MF Index Flat at 5.12%

Jun 25 24

Money fund yields were unchanged at 5.12% on average (as measured by our Crane 100 Money Fund Index) in the week ended June 21, after falling 2 basis points three weeks ago. 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 fell by $21.0 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 710), shows a 7-day yield of 5.02%, unchanged in the week through Friday. Prime Inst MFs were unchanged at 5.18% in the latest week. Government Inst MFs were unchanged at 5.11%. Treasury Inst MFs were unchanged at 5.06%. Treasury Retail MFs currently yield 4.85%, Government Retail MFs yield 4.82%, and Prime Retail MFs yield 5.02%, Tax-exempt MF 7-day yields were up 48 bps at 3.34%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/21), 17 money funds (out of 830 total) yield under 3.0% with $612 million in assets, or 0.0%; 108 funds yield between 3.00% and 3.99% ($132.7 billion, or 2.0%), 256 funds yield between 4.0% and 4.99% ($1.332 trillion, or 20.6%) and 449 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 unchanged at 0.62%. The latest Brokerage Sweep Intelligence, with data as of June 21, shows that there was no changes over the past week. Five 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: six weeks ago we removed rates for TD Ameritrade from BSI since it completed its merger with Charles Schwab.)

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