Coindesk writes "Franklin Templeton Adds Aptos Blockchain to Support Tokenized Money Market Fund." They explain "Aptos (​APT), the Layer 1 blockchain inspired by the discontinued Diem (​formerly Libra) blockchain developed by Meta, has become the latest network where investors can trade shares of Franklin Templeton'​s OnChain U.​S. Government Money Market Fund (​FOBXX). The fund, which is the second-​largest tokenized fund on the market with a $​435 million market cap, is already available on Ethereum via Arbitrum, Stellar and Polygon as well as Avalanche." The brief quotes Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation, "Franklin Templeton'​s willingness to innovate in the name of a truly decentralized and accessible financial future is inspiring. To reach that future, we need to connect not just the TradFi and DeFi worlds, but EVM and non-​EVM networks as well. Integrating the Benji Investments platform with the Aptos Network is a massive step in the right direction and we look forward to welcoming them to the Aptos ecosystem."

Money market mutual fund distributors and cash managers will be travelling to Nashville, Tenn. for AFP 2024, the Association for Financial Professionals' big annual gathering of corporate treasurers, which takes place October 20-​22. AFP is the largest gathering of corporate investors in the country, attracting over 5,​000 treasury management professionals, as well as a host of large banks and institutional money fund managers. Though the exhibit hall and parties are where the action is (​for the cash world anyway), there are a few sessions that involve money funds and cash investing. (​See the Session Explorer here.) On Monday, Oct. 21, sessions of interest include: "The Liquidity Lowdown: Powell Mountain Tucked Between Macro Clouds," which features James Griffin of KKR & Co. L.​P., Patrick O'​Callaghan of Goldman Sachs, Cameron Bowen of Salesforce, and Nicole Smith of Visa; "Elevating Investments Strategy While Prioritizing Safety And Liquidity," which features Brandon Hillstead of Autodesk Inc., Julie Mingus of Cinemark Holdings, LLC, Erica MacMillan of The Wendy'​s Company and Vanessa McMichael of Wells Fargo Securities; "From Strategy To Execution: Best Practices For Corporate Investments," which features, Bridget Rodnick of BioMarin Pharmaceuticals, Jessica Siu of Dropbox, and Sara Flour of RBC Global Asset Management; and, "Rethinking Treasury'​s Global And Geopolitical Approach To Counterparty Risk Management," which features Anshul Patni of Bakelite Synthetics, Sebastian Ramos of ICD, and Bill Lundeen of Indivior. On Tuesday, Oct. 22, sessions include: "`​Choose Your Own Adventure: Navigating The Resilient Portfolio," which features Kevin Fitzgerald of BlackRock, William Brewer of Bristol Myers Squibb, and Matthew Daniel of FedEx Corporation; and, "​Mastering Liquidity In A Fluid Rate Environment <​b:>`​_" which features Jessie DiMeglio of Allegis Group, Sara Teyema, CTP of Inova Health System, Christy Williamson of Phillips 66, and Cory Paape of Truist. Look for us at Booth #​434 and we look forward to seeing you all in Nashville! Finally, thank you once more to those who supported last month'​s European Money Fund Symposium, which took place Sept. 19-​20 in London, England. Mark your calendars for our next live event, our "​basic training" Money Fund University, which will take place December 19-​20, 2024 at The Renaissance Hotel in Providence, R.​I <​b:>`​_. Crane Data is also preparing the preliminary agenda for our next Bond Fund Symposium, which will be held March 27-​28, 2025, at the Hyatt Regency Hotel in Newport Beach, Calif. We'​ll also soon be making plans for our next "​big show," Money Fund Symposium, which will be held June 23-​25, 2025, at The Renaissance Boston Seaport in Boston, and for next year'​s European Money Fund Symposium, which will be held Sept. 25-​26 in Dublin, Ireland. Watch for details on these shows in coming weeks and months.

CNBC Pro writes, "This is the cost of carrying too much cash, according to Wells Fargo." It tells us, "Americans' love affair with cash may be costing them in the long run, according to Wells Fargo. The bank believes '​the time may have come' to start pulling money out of cash vehicles like money markets, high-​yield savings accounts and other short-​term instruments. A record $​6.​42 trillion is sitting in money market funds, as of Wednesday, according to the Investment Company Institute." The article continues, "While it has been a great place to park cash and earn attractive yields, those rates are coming down now that the Federal Reserve has started cutting rates. The seven-​day annualized yield on the Crane 100 list of the 100 largest taxable money funds is currently 4.​75%. The last time funds yielded less than 5% was July 2023, according to Peter Crane, founder of Crane Data, a firm that tracks money markets. The yield was 5.​2% in November, the highest since Crane started tracking yields in 2006, although they were over 6% for a period in 2000-​2001 and in the high teens in the 1970s, he said." It adds, "The move in money market fund yields typically lag federal funds rate cuts. It usually takes about a month to fully digest Fed moves, Crane said. That delay is attractive for institutional investors. During Fed rate decreases, direct money market investments, like Treasury bills, will absorb the cuts quicker than money market funds. '​Of course, so much cash is coming in so fast that the rates will drop faster,' Crane noted. 'The new cash must be reinvested at the new lower levels, but T-​bill, repo [​repurchase agreement] and CD investors are flocking to MMFs while they still hold some of the older, higher yielding stuff.'"

Barron'​s says, "Cash'​s Heyday Is Over. Investors Need to Move On." The article comments, "Whether the Federal Reserve delivers another outsize rate cut at its next meeting or not, the time has come for investors to move out of big holdings of cash. Interest rates on money-​market funds and other safe vehicles are falling.... Diminishing inflation gives the Fed more leeway to cut aggressively. After the numbers came out, the CME Group'​s FedWatch tool, which tracks interest-​rate futures, showed 53% of odds of a half-​point cut in November, up from 49% odds on Thursday. That would come on the heels of the half-​point cut the Federal Open Market Committee delivered at its September meeting as it shifted from battling inflation to supporting employment and averting an economic slowdown." It tells us, "Rates have already begun to fall on some savings accounts and certificates of deposit. And yet, investors continue to pile into money-​market funds. Total money-​market-​fund assets increased by $​120.​80 billion to $​6.​42 trillion for the week ended Wednesday, according to the Investment Company Institute. That is likely at least in part because yields are still attractive, but they will become less so over time. Money-​fund yields have fallen from 5.​06% on Sept. 18, when the Fed cut rates, to 4.​76% as of Thursday, as measured by the Crane 100 Money Fund Index, Crane Data'​s average of the 100 largest taxable money funds. They should drift lower still over the next few weeks as the cut works its way through money-​market funds, before pausing around 4.​60% before the Fed moves again, says Peter G. Crane, president and publisher of Crane Data." The piece quotes, "'​It'​s not too late' for investors to trim their cash exposure, says Gargi Chaudhuri, chief investment and portfolio strategist for the Americas at BlackRock. If investors are too slow to move, however, they'​ll miss out on today'​s opportunities in bonds and fixed income."

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