Money Market News
The December issue of our Bond Fund Intelligence, which will be sent to subscribers Friday a.m., features the stories, "Outlook for 2026: Unanswered Questions, But Bonds Beckon," which reviews the outlooks for next year from Federated, Fidelity and Charles Schwab; and "Vanguard Debuts Core-Plus Bond ETF; New T. Rowe ETFs," which covers recent press releases on new bond ETFs. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were higher again in November while yields moved lower. We excerpt from the new issue below. (Contact us if you'd like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.) (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place next week, Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
As expected, the Federal Reserve's FOMC cut interest rates by a quarter percent to a range of 3.5-3.75%, which means that money market fund yields should decline by a similar amount over the coming month. Our Crane 100 Money Fund Index, an average of the 100 largest money funds, should fall from its current 3.72% in coming days. (Money funds have a WAM, or weighted average maturity of 40 d,ays currently, so they should take this long to reflect the full Fed move.) The release titled, "Federal Reserve issues FOMC statement," tells us, "Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated." (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place next week, Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
Crane Data's December Money Fund Portfolio Holdings, with data as of Nov. 30, 2025, show that holdings of Treasuries and Repo both increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $134.3 billion to $7.888 trillion in November, after increasing $158.4 billion in October, $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $84.0 billion in June and $72.0 billion in May. They decreased by $73.8 billion in April. Assets rose by $45.6 billion in March, $53.7 billion in February, $84.1 billion in January and $88.0 billion in December. Treasuries, the largest portfolio composition segment, increased by $67.4 billion. Repo, the second largest segment, increased $69.5 billion in November. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new November data for Wednesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of November 30, includes holdings information from 988 money funds (up 1 from last month), representing assets of $8.056 trillion (up from $7.917 trillion a month ago). Prime MMFs rose to $1.229 trillion (up from $1.211 trillion), or 15.3% of the total. We review the new N-MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues rose to $21.3 billion (annualized) in November. (Note: For those new to the money market fund space or in need of a refresher, please join us for our "basic training" event, Money Fund University, which is Dec. 18-19 in Pittsburgh.)
Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in November, after also jumping in October. Assets have increased in 16 of the past 17 months (only April 2025 saw declines). Money market fund assets rose by $129.2 billion, or 1.6%, last month to a record $7.984 trillion. Total MMF assets have increased by $376.8 billion, or 5.0%, over the past 3 months, and they've increased by $915.6 billion, or 13.0%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by SSIM, Morgan Stanley, Vanguard, JPMorgan and Fidelity, which grew assets by $40.9 billion, $22.8B, $21.6B, $19.2B and $11.2B, respectively. Declines in November were seen by Invesco, RBC, Western, Goldman Sachs and AllianceBernstein, which decreased by $11.5 billion, $6.9B, $5.8B, $4.2B and $2.6B, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which were lower in November.
The December issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Money Fund Assets Break $8.0 Trillion; Top 10 Stories of 2025," which discusses money market mutual funds reaching all-time highs; "J.P. Morgan's 2026 Outlook: Still Room for MM Growth," which quotes from JPM's expectations for next year; and "State Street I.M. Files for Stablecoin Reserves MMF," which highlights the latest money fund filing. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 11/30/25 data. Our December Money Fund Portfolio Holdings are scheduled to ship on Tuesday, Dec. 9, and our December Bond Fund Intelligence is scheduled to go out on Friday, Dec. 12. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh!)
A press release titled, "HSBC Asset Management Launches First ETF Share Classes for EU-Regulated Money Market Funds," tells us, "HSBC Asset Management ... announces the launch of new ETF share classes for its existing HSBC Sterling Liquidity and HSBC Euro Liquidity Funds, offering investors an alternative and accessible way to manage cash holdings. The launch builds on HSBC AM's move in 2023 to provide investors with access to both listed and unlisted share classes within a single fund. The development marks the first time an asset manager in Europe has launched ETF share classes within existing EU-regulated Money Market Funds (MMFs)." HSBC is the 5th largest manager of European money funds with $123.4 billion, according to Crane Data's MFI International. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh, Pa.!)
Money market mutual fund assets broke the $8.0 trillion barrier for the first time ever on Monday, Dec. 1, according to our Money Fund Intelligence Daily. Assets have increased by $105.3 billion in the week through Monday (12/1) to a record $8.022 trillion. Money fund assets increased by $132.8 billion in November and rose $39.7 billion the first day of December, and they have increased by $848.3 billion (11.8%) year-to-date in 2025. (Note: Register soon for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh, Pa., and please join us there for Crane Data's Holiday, and now $8 Trillion, Party!)
The Bank for International Settlements published a "BIS Bulletin" titled, "The Rise of Tokenised Money Market Funds." The piece states, "Tokenised money market funds (TMMFs) are a rapidly growing segment of decentralised finance (DeFi). They represent shares in funds that invest in money market instruments, but circulate as tokens on public permissionless blockchains, such as Ethereum or Stellar.... Unlike major stablecoins, which also seek to maintain a stable value but are prohibited from paying interest, TMMFs distribute returns to investors in line with money market rates. This Bulletin provides a primer on TMMFs. It discusses potential use cases, illustrates the operational model of major funds and documents the growth and composition of the TMMF market. It also lays out the sources and implications of interlinkages with stablecoins, suggesting that current TMMFs often operate as complements to stablecoins. Highlighting potential risks related to liquidity mismatches, interconnectedness and operations, the Bulletin concludes with policy considerations." (Note: Registrations are still being taken for our Money Fund University, which is Dec. 18-19 in Pittsburgh. Please join us for our Holiday Cocktail Party on Thursday, Dec. 18 from 5-7:30pm after Day 1 of MFU!)
The Investment Company Institute's released its latest monthly "Trends in Mutual Fund Investing - October 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Friday. ICI's monthly Trends shows money fund totals increasing $146.8 billion, or 2.0%, in October to $7.468 trillion. MMFs have increased by $925.8 billion, or 14.2%, over the past 12 months (through 10/31/25). Money funds' October asset increase follows an increase of $104.5 billion in September, $123.4 billion in August, $69.0 billion in July, $29.3 billion in June and $84.7 billion in May. Assets decreased $63.8 billion in April and $10.9 billion in March, but increased of $99.0 billion in February, $31.9 billion in January and $139.3 billion in December. They rose $171.5 billion in November and $117.4 billion last October. Bond fund assets increased $55.4 billion to $5.468 trillion, and bond ETF assets increased to $2.17 trillion in October 2025.
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, later than usual this month and after a 2-month publication delay due to the government shutdown. The report shows that total money fund assets rose by $153.2 billion in October 2025 to a record high $7.930 trillion, after hitting $7.777 trillion the month prior. The SEC shows Prime MMFs increased $9.1 billion in October to $1.338 trillion, Govt & Treasury funds increased $142.1 billion to $6.447 trillion and Tax Exempt funds increased $2.0 billion to $144.8 billion. Taxable yields were mixed in October after previous decreases in September, August, July, June and May. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets increasing $141.4 billion in October 2025 to a record of $7.859 trillion. In November month-to-date through 11/25, total money fund assets have increased by $108.6 billion to a record $7.958 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of November 21) includes Holdings information from 60 money funds (down 2 from a week ago), or $3.846 trillion (down from $4.029 trillion) of the $7.911 trillion in total money fund assets (or 48.6%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our November 13 News, "Nov. Money Fund Portfolio Holdings: Treasuries Jump; Repo Inches Down.")
Archives »