Crane 100 Index Returns to 5.13%

Jul 02 24

Money fund yields were up 1 bp at 5.13% on average (as measured by our Crane 100 Money Fund Index) in the week ended June 28, after falling 2 basis points four 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 rose by $6.1 billion last week to $6.489 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 5.03%, up 1 bp in the week through Friday. Prime Inst MFs were unchanged at 5.18% in the latest week. Government Inst MFs were up 1 bp at 5.12%. Treasury Inst MFs were up 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 up 29 bps at 3.63%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/28), 4 money funds (out of 830 total) yield under 3.0% with $28 million in assets, or 0.0%; 114 funds yield between 3.00% and 3.99% ($125.6 billion, or 1.9%), 261 funds yield between 4.0% and 4.99% ($1.347 trillion, or 20.8%) and 451 funds now yield 5.0% or more ($5.016 trillion, or 77.3%). 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 28, shows that there was no changes over the past week. six 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: seven weeks ago we removed rates for TD Ameritrade from BSI since it completed its merger with Charles Schwab.)

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