Crane 100 Inches Back Up to 5.13%
Money fund yields rose 1 bp to 5.13% on average (as measured by our Crane 100 Money Fund Index, an average of 7-day yields for the 100 largest taxable money funds) in the week ended July 19. Yields were 5.13% on 6/28, 5.14% on 5/31, 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 $11.3 billion last week to $6.521 trillion according to Crane Data's Money Fund Intelligence Daily. Weighted average maturities were unchanged last week at 34 days. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 709), shows a 7-day yield of 5.03%, up 1 bp in the week through Friday. Prime Inst MFs were up 1 bp at 5.18% in the latest week. Government Inst MFs were unchanged at 5.11%. Treasury Inst MFs were up 1 bp to 5.07%. Treasury Retail MFs currently yield 4.85%, Government Retail MFs yield 4.83%, and Prime Retail MFs yield 5.02%, Tax-exempt MF 7-day yields were down 2 bps to 2.42%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (7/19), 120 money funds (out of 829 total) yield under 3.0% with $131.9 billion in assets, or 2.0%; 4 funds yield between 3.00% and 3.99% ($810 million, or 0.0%), 255 funds yield between 4.0% and 4.99% ($1.127 trillion, or 17.3%) and 450 funds now yield 5.0% or more ($5.261 trillion, or 80.7%). 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 July 19, shows that there were no changes over the past week. Eight weeks ago, we removed the rates for TD Ameritrade from the listings, which completed its merger with Charles Schwab and which 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.
