Crane 100 MF Index Inches Up to 4.93%
Money fund yields were mostly flat over the past week, inching higher by another basis point. Our Crane 100 Money Fund Index (7-Day Yield) was up 1 bp to 4.93% in the week ended Friday, 6/23, after also increasing by 1 bp the week prior. Yields are up from 4.90% on May 31, 4.64% on April 30, 4.61% on March 31, 4.39% on Feb. 28, 4.15% on Jan. 31 and 4.05% on 12/31/22. They've increased from 3.59% on Nov. 30, from 2.88% on Oct. 31 and from 2.66% on Sept. 30. Just recently, now half of money market fund assets now yield above the 5.0% level. The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 694), shows a 7-day yield of 4.82%, up 1 bp in the week through Friday. Prime Inst MFs were unchanged at 5.00% in the latest week. Government Inst MFs were unchanged at 4.89%. Treasury Inst MFs up 1 bp for the week at 4.86%. Treasury Retail MFs currently yield 4.64%, Government Retail MFs yield 4.59%, and Prime Retail MFs yield 4.85%, Tax-exempt MF 7-day yields were up 54 bps at 3.29%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/23), zero money funds (out of 824 total) yield under 2.0%; 29 funds yield between 2.00% and 2.99% with $16.5 billion, or 0.3%; 106 funds yield between 3.00% and 3.99% ($103.8 billion, or 1.8%), 499 funds yield between 4.0% and 4.99% ($2.783 trillion, or 47.8%) and 190 funds now yield 5.0% or more ($2.914 trillion, or 50.1%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.59% after rising 3 bps six weeks ago. The latest Brokerage Sweep Intelligence, with data as of June 23, shows that there was 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.
