Money Fund Yields Jump to 4.23%

Feb 07 23

Money fund yields jumped higher again last week, with our Crane 100 Money Fund Index (7-Day Yield) rising 9 basis points to 4.23% for the week ended Friday, 2/3. Yields rose by 2 basis points the previous week, and they're up from 4.05% on 12/31/22. They're up from 3.59% on Nov. 30, 2.88% on Oct. 31 and 2.66% on Sept. 30. Yields should move higher in coming days as they digest the Fed's Feb. 1 25 bps rate hike. The top-yielding money market funds have broken above 4.50% and should move towards 4.75% 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 672), shows a 7-day yield of 4.11%, up 8 bps in the week through Friday. Prime Inst MFs were up 7 bps at 4.34% in the latest week. Government Inst MFs rose by 8 bps to 4.15%. Treasury Inst MFs up 8 bps for the week at 4.14%. Treasury Retail MFs currently yield 3.92%, Government Retail MFs yield 3.87%, and Prime Retail MFs yield 4.18%, Tax-exempt MF 7-day yields were down at 1.52%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (2/3), 2 funds (805 total) have fallen below the 2.0% yield mark this past week, and many continue to rise over 4.0%; 132 funds yield between 0.00% and 1.99% with $109.2 billion, or 2.1%; 5 funds yield between 2.00% and 2.99% with $8.7 billion, or 0.2%; 194 funds yield between 3.00% and 3.99% ($221.1 billion, or 4.3%), and 474 funds yield 4.0% or more ($4.842 trillion, or 93.5%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged last week at 0.52%. The latest Brokerage Sweep Intelligence, with data as of Feb. 3, shows that there were no changes over the past week. 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.

Email This Article




Use a comma or a semicolon to separate

captcha image

Daily Link Archive

2024 2023 2022
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2021 2020 2019
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2018 2017 2016
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2015 2014 2013
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2012 2011 2010
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2009 2008 2007
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2006
December
November
October
September