Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of Oct. 18) includes Holdings information from 54 money funds (down 7 from a week ago), or $3.254 trillion (down from $3.375 trillion) of the $6.807 trillion in total money fund assets (or 47.8%) tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our Oct. 10 News, "October Money Fund Portfolio Holdings: Repo Surges, Reclaims Top Spot.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.544 trillion (down from $1.561 trillion a week ago), or 47.5%; Repurchase Agreements (Repo) totaling $1.153 trillion (down from $1.244 trillion a week ago), or 35.4%, and Government Agency securities totaling $277.9 billion (down from $286.6 billion), or 8.5%. Commercial Paper (CP) totaled $97.1 billion (down from a week ago at $109.2 billion), or 3.0%. Certificates of Deposit (CDs) totaled $54.4 billion (down from $61.2 billion a week ago), or 1.7%. The Other category accounted for $95.5 billion or 2.9%, while VRDNs accounted for $32.2 billion, or 1.0%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.544 trillion (47.5% of total holdings), Fixed Income Clearing Corp with $330.4B (10.2%), the Federal Home Loan Bank with $201.1 billion (6.2%), JP Morgan with $86.4B (2.7%), BNP Paribas with $81.5B (2.5%), the Federal Reserve Bank of New York with $73.3B (2.3%), Citi with $72.5B (2.2%), Federal Farm Credit Bank with $57.7B (1.8%), Goldman Sachs with $52.3B (1.6%) and RBC with $47.9B (1.5%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($270.9B), Goldman Sachs FS Govt ($245.1B), Fidelity Inv MM: Govt Port ($226.5B), JPMorgan 100% US Treas MMkt ($222.1B), State Street Inst US Govt ($173.8B), BlackRock Lq FedFund ($169.8B), Morgan Stanley Inst Liq Govt ($147.0B), Fidelity Inv MM: MM Port ($139.4B), BlackRock Lq Treas Tr ($134.3B) and Dreyfus Govt Cash Mgmt ($123.0B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, Bloomberg writes, "SEC Rules Offer Safety Net as Fed Liquidity Facility Usage Slips," which tells us, "Declining demand for a key Federal Reserve liquidity facility is near a point of resistance thanks to recent regulatory changes that force certain US money-market funds to keep more cash on hand. Demand for the Fed's overnight reverse repurchase agreement facility, or RRP, dropped on Tuesday to $238 billion -- the lowest since May 2021 -- from $261 billion the prior session, according to New York Fed data. It's the latest in a string of declines since usage of the RRP spiked in late 2022, drawing into question the outlook for the central bank's balance-sheet runoff."
The piece says, "For now, however, this year's changes by the Securities and Exchange Commission underscore potential limitations at play in the $6.47 trillion US money market industry, notably affecting prime funds. The funds, which tend to invest in higher-risk assets such as commercial paper and certificates of deposit, have increased their share of the RRP to about 31% of the total as of the end of September, up from 18% a year ago, Office of Financial Research data show. But that may be close to stabilizing as new rules governing the industry force funds to boost liquidity requirements to protect against market turmoil."
Bloomberg writes, "Overall use of the reverse repo facility has declined by more than $2 trillion since its peak in December 2022. Meanwhile, prime funds' increasing share suggests that while a majority of counterparties are keen to shift cash away from the RRP in favor of higher yielding short-term assets, some are content to continue parking funds at the central bank."
They add, "Dallas Fed President Lorie Logan said Monday at the Securities Industry and Financial Markets Association's annual meeting in New York that it would be appropriate to operate with only 'negligible balances' in the reverse repo facility, though she acknowledged some demand may be stickier as users value overnight assets or face counterparty credit limits for repo in the private market."
