Crane 100 Index 4.07%, Sweeps 0.52%

Jan 10 23

Money fund yields inched higher again last week, with our Crane 100 Money Fund Index (7-Day Yield) rising just one basis point to 4.07% for the week ended Friday, 1/6. Yields rose by 2 basis points the previous week. But they're up from 3.59% on Nov. 30, 2.88% on Oct. 31 and 2.66% on Sept. 30. Yields should be flat or inch higher in January, then jump again following an expected Feb. 1 Fed hike. The top-yielding money market funds have broken above 4.50% and should move towards 4.7% in coming weeks. (See our "Highest-Yielding Money Funds" table above). The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 680), shows a 7-day yield of 3.95%, up 2 bps in the week through Friday. Prime Inst MFs were unchanged at 4.22% in the latest week. Government Inst MFs rose by 2 bps to 3.97%. Treasury Inst MFs up 3 bps for the week at 3.93%. Treasury Retail MFs currently yield 3.72%, Government Retail MFs yield 3.73%, and Prime Retail MFs yield 4.06%, Tax-exempt MF 7-day yields were down at 2.84%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (1/6), every money market fund (except one)(819 total) yields over 2.0%, and almost all are now over 3.0%; 97 funds yield between 2.00% and 2.99% with $52.0 billion, or 1.0%; 389 funds yield between 3.00% and 3.99% ($1.889 trillion, or 36.2%), and 322 funds yield 4.0% or more ($3.275 trillion, or 62.8%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, rose one basis point last week to 0.52% as Ameriprise Financial and TD Ameritrade tweaked rates higher. The latest Brokerage Sweep Intelligence, with data as of Jan. 6, shows that Ameriprise Financial Services increased rates to 0.45% for all balances between $100K and $249K, to 0.60% for balances between $250K and $499K, to 0.75% for balances between $500K and $999K, to 1.73% for balances between $1 million and $4.9 million, and increased rates to 1.98% for all balances over $5 million. TD Ameritrade increased rates to 0.35% for all balances between $1K and over $5 million. Just 3 of 11 major brokerages still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.

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