​ Crane 100 Money Fund Index Hits 5.​00 Percent on Month-​End Rate Bump. Our Crane 100 Money Fund Index, an average of 7-​day current annualized yields for the 100 largest money market funds, finally ticked up to hit 5.​00% yesterday, the first time ever. (Crane Data and the Crane Indexes are preparing to celebrate their first birthday in May.) But the blip up in rates is temporary due to a jump in the overnight Federal funds rate at quarter-​end. Demand for "​cash" rises at month-​end, quarter-​end and year-​end, as companies pay salaries, bills, and balance their books ("​window dressing"). Strong economic and inflation reports Friday added to the squeeze.

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