Crane Data Subscribers
Sweep Rates Heading Lower Says New Brokerage Sweep Intelligence. Rates on brokerage sweep cash programs, already embarrasingly low, have headed even lower following the Federal Reserve's latest rate cuts. This month Crane Data launched a new monthly, Brokerage Sweep Intelligence, which tracks rates and features on FDIC-insured deposit programs, money market funds, and free credit "sweep" options at brokerages. The Crane Brokerage Sweep Index, which includes only default sweep options, declined from 2.36% to 2.27% in October, while the Crane Brokerage Cash Index, which includes money fund options as well, declined from 3.50% to 3.36%. Smith Barney reduced its rates to tie Merrill Lynch for the lowest rates on a $100K balance among all major brokerages, 1.05%, while the highest-yielding sweep rate, Raymond James, declined from 4.52% to 4.32%.
