Link of The Day
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing by $1.2 billion to a record $7.655 trillion after jumping by $86.8 billion the previous week. Assets have risen in 10 of the last 12 weeks and 18 of the past 21 weeks. MMF assets are up by $884 billion, or 13.1%, over the past 52 weeks (through 12/10/25), with Institutional MMFs up $527 billion, or 12.9% and Retail MMFs up $357 billion, or 13.3%. Year-to-date, MMF assets are up by $805 billion, or 11.7%, with Institutional MMFs up $490 billion, or 11.9% and Retail MMFs up $314 billion, or 11.5%. ICI's weekly release says, "Total money market fund assets increased by $1.19 billion to $7.66 trillion for the week ended Wednesday, December 10.... Among taxable money market funds, government funds increased by $862 million and prime funds increased by $2.41 billion. Tax-exempt money market funds decreased by $2.08 billion.” ICI's stats show Institutional MMFs increasing $3.2 billion and Retail MMFs decreasing $2.0 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.290 trillion (82.2% of all money funds), while Total Prime MMFs were $1.220 trillion (15.9%). Tax Exempt MMFs totaled $144.7 billion (1.9%). It explains, "Assets of retail money market funds decreased by $2.00 billion to $3.05 trillion. Among retail funds, government money market fund assets decreased by $2.01 billion to $1.92 trillion, prime money market fund assets increased by $1.34 billion to $996.66 billion, and tax-exempt fund assets decreased by $1.33 billion to $132.57 billion." Retail assets account for 39.8% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $3.19 billion to $4.61 trillion. Among institutional funds, government money market fund assets increased by $2.88 billion to $4.37 trillion, prime money market fund assets increased by $1.06 billion to $223.54 billion, and tax-exempt fund assets decreased by $750 million to $12.14 billion." Institutional assets accounted for 60.2% of all MMF assets, with Government Institutional assets making up 94.9% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $64.1 billion to $8.047 trillion month-to-date in December (as of 12/10), this past week they also hit a record high of $8.053 trillion on 12/9. Assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion last December. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
Hong Kong Looks at Tokenizing MMFs
An article in a publication called Blockchain Magazine, titled, "HKMA Takes the Lead in Tokenizing Money Market Funds," explains, "The Hong Kong Monetary Authority (HKMA) has taken a significant step in the evolution of digital finance with the launch of the pilot phase of its tokenization project, dubbed EnsembleTX. This program moves beyond a theoretical proof-of-concept into real-value transactions. The primary objective is to test the tokenization of Money Market Funds (MMFs) and tokenized bank deposits, to integrate digital asset technology into the traditional financial system. This initiative is pivotal, positioning Hong Kong as a leading hub for digital asset innovation and establishing a potential blueprint for other financial centers in Asia." The piece states, "Tokenization offers several significant, verifiable improvements over traditional fund structures. Crucially, it promises instant settlement, replacing the current T+2 or longer cycles with near-real-time transfer of value and ownership.... The digital representation of fund shares also enables fractional ownership, making high-value assets more accessible to a wider investor base. This increase in accessibility, coupled with the potential for 24/7 trading inherent to blockchain technology, can boost the liquidity of tokenized assets. The transparent and immutable ledger also offers clearer visibility into fund operations and transaction histories for regulators and investors alike." The article adds, "The EnsembleTX pilot is an extension of the HKMA's broader Project Ensemble, which seeks to develop a new financial market infrastructure for digital transactions. Running throughout 2026, the pilot initially focuses on using tokenized deposits to settle tokenized MMF transactions and enhance real-time liquidity management. The HKD Real Time Gross Settlement (RTGS) system currently makes it possible for banks to settle with each other. In the future, the system will be upgraded to allow for 24/7 settlement utilizing tokenized Central Bank Money (CeBM).... Major global banks, including Standard Chartered, HSBC, and Bank of China (Hong Kong), are taking part, as are leading asset management firms like BlackRock and Franklin Templeton. The Securities and Futures Commission (SFC) is also very active, co-leading efforts in the asset management business to make sure that regulations are followed and the market stays stable. Tokenized deposits, which show bank debts on a distributed ledger, are very important for reaching atomic settlement."
State Street Inv. Mgmt. on Year-End
State Street Investment Management tells us to, "Brace for an unwelcome gift this year-end." Author William Goldthwait writes, "The US money markets have been juggling more moving parts than a Broadway stage crew this month. Repo markets remain the star of the show, with more and more collateral needing funding, cue the scramble for cash. The Fed's standing repo facility has seen some volume, as policymakers try to remove the stigma of tapping it (because apparently, even liquidity tools have reputations). Still, the market rates are calling for more intervention and most likely the Fed will have to step in with temporary open market operations to smooth volatility." He explains, "A major contributor to this need for funding is quantitative tightening and that's ending on December 1. The Fed will keep its balance sheet at its current size. It will continue to allow its MBS positions to roll off, approximately $15 bn per month, and it will take those proceeds and reinvest into the T-Bill market. This should provide some relief. As we head into December, expect normalization in repo markets, but don't rule out a few dramatic scenes around year-end." Goldthwait comments, "It appears the Federal Open Market Committee (FOMC) is poised to ease the policy rate by 25 bps at its December meeting -- a move that would cap 2025 with a total of 75 bps of cuts and a more accommodative stance. However, the Fed would be making this decision without the benefit of October and November's jobs data.... This adds an extra layer of uncertainty to the outlook, even as markets broadly welcome the prospect of lower rates." He adds, "Strategically, we're keeping things nimble and liquid -- because, in December, flexibility is the ultimate gift. Weighted average maturity (WAM) remains neutral to slightly long, but we will be opportunistic where spreads offer value, particularly in short-dated paper that helps us navigate liquidity needs. We continue to prioritize high-quality issuers and overnight instruments, ensuring the fund can handle any year-end surprises without breaking a sweat. Think of it as wearing sneakers to a holiday party: practical, but ready to move fast if the music changes. Liquidity management is front and center as we approach year-end, with repo market dynamics and client flows adding complexity. We are actively coordinating with clients on cash flows because nothing says 'festive stress' like a major cash flow on December 24th. Our approach is proactive, aiming to avoid last-minute scrambles and maintain strong liquidity buffers. In short, we're planning ahead!"
Money Fund Yields Fall Back to 3.75%
Money fund yields (7-day, annualized, simple, net) decreased by 3 bps to 3.75% on average during the week ended Friday, December 5 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps the week prior. Fund yields should move lower in coming days as they digest the remainder of the Fed's Oct. 29 25 bps rate cut (and then move lower again if we get a cut on Dec. 10). Yields were 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 679), shows a 7-day yield of 3.65%, down 3 bps in the week through Friday. Prime Inst money fund yields were down 2 bps at 3.88% in the latest week. Government Inst MFs were down 2 bps at 3.77%. Treasury Inst MFs were down 4 bps at 3.68%. Treasury Retail MFs currently yield 3.46%, Government Retail MFs yield 3.47% and Prime Retail MFs yield 3.67%, Tax-exempt MF 7-day yields were down 44 bps to 2.00%. Assets of money market funds rose by $46.8 billion last week to $8.029 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $8.053 trillion on December 4. Month-to-date in December (through 12/5), MMF assets have increased $46.8 billion, after increasing by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January and $110.9 billion last December. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (12/5), 133 money funds (out of 789 total) yield under 3.0% with $160.2 billion in assets, or 2.0%; 637 funds yield between 3.00% and 3.99% ($7.674 trillion, or 95.6%), 19 funds yield between 4.0% and 4.99% ($194.7 billion, or 2.4%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.32%, after falling 1 basis point three weeks prior. The latest Brokerage Sweep Intelligence, with data as of December 5, shows no changes over the past week. Three of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
OFR's "Sizing the U.S. Repo Market"
The U.S. Treasury's Office of Financial Research published a brief titled, "Sizing the U.S. Repo Market, which states, "According to new data collected by the OFR, the U.S. repurchase agreement (repo) market averaged about $12.6 trillion in daily exposures in Q3 2025, a number that is about $700 billion larger than previous estimates. The repo market is one of the world's largest and most important short-term funding markets, providing funding for securities dealers and serving as a cash management tool for banks. Despite this fundamental role, this market has historically had limited transparency." The update explains, "Following the 2008-09 financial crisis, regulators implemented measures to enhance market visibility by collecting both balance sheet and transaction-level repo data. To eliminate a data gap within the largest market segment, in December 2024, the Office of Financial Research (OFR) launched a collection initiative focused on transaction-level data for non-centrally cleared bilateral repo (NCCBR). With the data fully on board as of July 2025, researchers can now produce a transaction-based estimate of the U.S. repo market's size for the first time, marking a significant advancement in financial market transparency." It continues, "Of the $12.6 trillion in daily average exposures in Q3 2025, $4.4 trillion was centrally cleared by the Fixed Income Clearing Corporation with another $3.1 trillion settled on Bank of New York Mellon's (BNY's) tri-party platform (excluding centrally cleared). NCCBR accounted for the remaining $5.0 trillion." The piece tells us, "The OFR's data on the U.S. repo market has increased over time as data gaps have been closed.... Data on tri-party repo settled by BNY are collected by the Federal Reserve Bank of New York and available from 2015. Data on cleared repo segments (from the OFR cleared repo collection) are available beginning in 2018. From 2021-24, use of the Federal Reserve's overnight reverse repo facility (ON RRP) first increased and then declined. The OFR's new NCCBR collection occurred in two phases. The first phase of the collection began in December 2024 and includes data collected from SEC registered broker-dealers. The second phase that began in July 2025 includes a broader set of financial institutions. The OFR's unique data offers rich detail on repos for each market segment, including information on counterparties, rates, tenor, and underlying collateral. In Q3 2025, 69.4% of repo exposures were collateralized by U.S. Treasuries.... The mix of collateral varies by segment. In Q3 2025, U.S. Treasuries collateralized 88.9% of exposures in the cleared repo segments, but only 61.8% of NCCBR exposures and just over half (52.6%) of the exposures in tri-party." The article adds, "Data from the OFR NCCBR collection are intended to be incorporated into the OFR's Short-term Funding Monitor (STFM), which provides daily data on a wide range of U.S. repo market transactions."
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets jumping by $86.8 billion to $7.654 trillion after increasing by $45.5 billion to $7.567 trillion last week (the previous record high). Assets have risen in 9 of the last 11 weeks, and 17 of the past 20 weeks. MMF assets are up by $883 billion, or 13.0%, over the past 52 weeks (through 12/3/25), with Institutional MMFs up $525 billion, or 12.9% and Retail MMFs up $358 billion, or 13.3%. Year-to-date, MMF assets are up by $804 billion, or 11.7%, with Institutional MMFs up $487 billion, or 11.8% and Retail MMFs up $316 billion, or 11.6%. ICI's weekly release says, "Total money market fund assets increased by $86.82 billion to $7.65 trillion for the eight-day period ended Wednesday, December 3.... Among taxable money market funds, government funds increased by $81.79 billion and prime funds increased by $2.78 billion. Tax-exempt money market funds increased by $2.25 billion." ICI's stats show Institutional MMFs increasing $69.7 billion and Retail MMFs increasing $17.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.289 trillion (82.2% of all money funds), while Total Prime MMFs were $1.218 trillion (15.9%). Tax Exempt MMFs totaled $146.8 billion (1.9%). It explains, "Assets of retail money market funds increased by $17.12 billion to $3.05 trillion. Among retail funds, government money market fund assets increased by $12.10 billion to $1.92 trillion, prime money market fund assets increased by $3.61 billion to $995.31 billion, and tax-exempt fund assets increased by $1.41 billion to $133.90 billion." Retail assets account for 39.9% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $69.70 billion to $4.60 trillion. Among institutional funds, government money market fund assets increased by $69.69 billion to $4.37 trillion, prime money market fund assets decreased by $828 million to $222.48 billion, and tax-exempt fund assets increased by $834 million to $12.89 billion." Institutional assets accounted for 60.1% of all MMF assets, with Government Institutional assets making up 94.9% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $63.4 billion to a record $8.046 trillion month-to-date in December (as of 12/3). Assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion last December. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
Irish Funds Posts Tokenisation Paper
Another press release, "Irish Funds Publishes New Paper: Mind the Gap – Operational Considerations for the Tokenisation of Irish-Domiciled Funds," explains, "The accelerating pace of digital innovation is reshaping the investment landscape, and fund tokenisation is emerging as a transformative development for the industry. Irish Funds has released a new paper, Mind the Gap: Operational Considerations for the Tokenisation of Irish-Domiciled Funds, exploring the practical steps and challenges involved in bringing tokenised funds to market." The release says, "Tokenisation offers significant potential to enhance transparency, efficiency, and accessibility across fund and asset management. What was once limited to pilots and proofs of concept has now evolved into real-world adoption. In fact, global tokenised real-world assets (RWA) exceeded $36 billion in 2025, a remarkable increase from near-zero just a few years ago—driven by major asset managers launching tokenised products." It adds, "As the industry continues to evolve, collaboration between market participants, regulators, and technology providers is critical to bridge operational gaps and unlock the full value proposition of fund tokenisation. Irish Funds remains committed to supporting its members and the wider industry on this transformative journey. Irish Funds extends its gratitude to the Digital Assets Working Group and the Irish Funds Council for their invaluable contributions." The full paper says, "Ireland is a leading EU domicile for fund products notably in the money market funds (MMFs) space, in private asset strategies and has been at the forefront of innovation for exchange-traded funds (ETFs). Ireland offers a robust regulatory framework, global distribution reach, and operational expertise. Tokenisation, through the use of DLT, presents a transformative opportunity for funds by enabling faster settlement, enhanced transparency, and unlocking innovative and new functionality opportunities. For ETFs, tokenisation can streamline trading and improve liquidity, MMFs may benefit from real-time cash management and automated compliance, while private asset funds can unlock greater liquidity of traditionally illiquid assets and all may benefit from future expanded utility."
Weekly Money Fund Portfolio Holdings
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 28) includes Holdings information from 54 money funds (down 6 from a week ago), or $3.452 trillion (down from $3.846 trillion) of the $7.982 trillion in total money fund assets (or 43.2%) 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." ) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.674 trillion (down from $1.892 trillion a week ago), or 48.5%; Repurchase Agreements (Repo) totaling $1.220 trillion (down from $1.267 trillion a week ago), or 35.3%, and Government Agency securities totaling $329.5 billion (up from $327.9 billion a week ago), or 9.5%. Commercial Paper (CP) totaled $109.9 billion (down from $173.4 billion a week ago), or 3.2%. Certificates of Deposit (CDs) totaled $47.3 billion (down from $85.8 billion a week ago), or 1.4%. The Other category accounted for $35.9 billion or 1.0%, while VRDNs accounted for $35.6 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.674 trillion, Fixed Income Clearing Corp with $407.2B, the Federal Home Loan Bank with $188.0B, RBC with $95.0B, JP Morgan with $94.7B, BNP Paribas with $84.8B, Federal Farm Credit Bank with $84.0B, Citi with $78.7B, Wells Fargo with $68.1B and Bank of America with $42.0B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($328.3B), JPMorgan 100% US Treas MMkt ($280.9B), Goldman Sachs FS Govt ($278.9B), Fidelity Inv MM: Govt Port ($261.6B), State Street Inst US Govt ($202.1B), Morgan Stanley Inst Liq Govt ($191.4B), Fidelity Inv MM: MM Port ($166.8B), Dreyfus Govt Cash Mgmt ($159.0B), Allspring Govt MM ($142.0B) and First American Govt Oblg ($121.0B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Increase to 3.78%
Money fund yields (7-day, annualized, simple, net) increased by 2 bps to 3.78% on average during the week ended Friday, November 28 (as measured by our Crane 100 Money Fund Index), after falling 2 bps the week prior and 3 bps two weeks prior. Fund yields should move lower in coming days as they digest the remainder of the Fed's Oct. 29 25 bps rate cut (and then move lower again if we get a cut on Dec. 10). Yields were 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 679), shows a 7-day yield of 3.68%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 4 bps at 3.90% in the latest week. Government Inst MFs were up 3 bps at 3.79%. Treasury Inst MFs were up 1 bp at 3.72%. Treasury Retail MFs currently yield 3.49%, Government Retail MFs yield 3.49% and Prime Retail MFs yield 3.69%, Tax-exempt MF 7-day yields were up 13 bps to 2.44%. Assets of money market funds rose by $71.8 billion last week to $7.982 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $7.982 trillion on November 28. Month-to-date in November (through 11/28), MMF assets have increased $132.8 billion, after increasing by $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December and $200.5 billion last November. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (11/28), 125 money funds (out of 789 total) yield under 3.0% with $154.1 billion in assets, or 1.9%; 631 funds yield between 3.00% and 3.99% ($7.378 trillion, or 92.4%), 33 funds yield between 4.0% and 4.99% ($450.8 billion, or 5.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.32%, after falling 1 basis point two weeks prior. The latest Brokerage Sweep Intelligence, with data as of November 28, shows no changes over the past week. Three of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
DWS Tax-Ex Port Svc Liquidates
A filing for the DWS Tax Exempt Portfolio - Service Shares tells us, "Upon the recommendation of DWS Investment Management Americas, Inc. (the 'Advisor'), the investment advisor for DWS Tax-Exempt Portfolio (the 'Fund'), the Board of Trustees of Cash Account Trust has authorized, on behalf of the Fund, the termination and liquidation of Service Shares, a share class of the Fund (the 'Class'), which will be effective on or about November 25, 2025 (the 'Liquidation Date'). Accordingly, the Fund will redeem all outstanding Class shares on the Liquidation Date. The costs of the liquidation, including the notification to shareholders, will be borne by the Fund but reimbursed by the Advisor, after taking into account applicable voluntary or contractual expense caps then in effect by the Advisor to waive or reimburse certain operating expenses of the Fund." It explains, "Shareholders who elect to redeem their Class shares prior to the Liquidation Date will receive the net asset value per share (normally, $1.00) on such redemption date for all Class shares they redeem. Shareholders whose Class shares are redeemed automatically on the Liquidation Date will receive the net asset value per share (normally, $1.00) for all Class shares they own on the Liquidation Date." For more on recent liquidations, see these Crane Data News stories: "MassMutual U.S. Govt MMF Liquidates" (9/26/25), "DWS CAT Tax-Exempt Svc Liquidating" (9/23/25), "Ramirez Liquidates Money Fund; Weekly Holdings; ICI Holdings Summary" (4/16/25), "ICI: Money Fund Assets Break Over $6.5 Trillion; BNY Liquidates Muni MF" (10/25/24) and "Dreyfus Files to Liquidate Cash Management Prime Inst MMF, Tax Exempt" (5/13/24).
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets jumping by $45.5 billion to $7.567 trillion after decreasing by $15.7 billion to $7.522 trillion last week (and reaching a record high of $7.536 trillion the week prior). Assets have risen in 8 of the last 10 weeks, and 16 of the past 19 weeks. MMF assets are up by $892 billion, or 13.4%, over the past 52 weeks (through 11/25/25), with Institutional MMFs up $530 billion, or 13.2% and Retail MMFs up $362 billion, or 13.6%. Year-to-date, MMF assets are up by $717 billion, or 10.5%, with Institutional MMFs up $418 billion, or 10.1% and Retail MMFs up $299 billion, or 10.9%. ICI's weekly release says, "Total money market fund assets increased by $45.51 billion to $7.57 trillion for the six-day period ended Tuesday, November 25.... Among taxable money market funds, government funds increased by $41.22 billion and prime funds increased by $3.66 billion. Tax-exempt money market funds increased by $641 million." ICI's stats show Institutional MMFs increasing $43.7 billion and Retail MMFs increasing $1.8 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.208 trillion (82.0% of all money funds), while Total Prime MMFs were $1.215 trillion (16.1%). Tax Exempt MMFs totaled $144.5 billion (1.9%). It explains, "Assets of retail money market funds increased by $1.83 billion to $3.03 trillion. Among retail funds, government money market fund assets increased by $1.37 billion to $1.91 trillion, prime money market fund assets decreased by $230 million to $991.71 billion, and tax-exempt fund assets increased by $689 million to $132.49 billion." Retail assets account for 40.1% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $43.69 billion to $4.53 trillion. Among institutional funds, government money market fund assets increased by $39.85 billion to $4.30 trillion, prime money market fund assets increased by $3.89 billion to $223.31 billion, and tax-exempt fund assets decreased by $48 million to $12.05 billion." Institutional assets accounted for 59.9% of all MMF assets, with Government Institutional assets making up 94.8% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $108.6 billion to a record $7.958 trillion month-to-date in November (as of 11/25). Assets increased by $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 billion last November. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
FDIC Says Deposits Inch Higher in Q3
A press release, entitled, "FDIC-Insured Institutions Reported Return on Assets of 1.27 Percent and Net Income of $79.3 Billion in Third Quarter 2025," comments, "The Federal Deposit Insurance Corporation (FDIC) ... released the results of its latest Quarterly Banking Profile, a comprehensive summary of financial results based on reports from 4,379 insured commercial banks and savings institutions. In the third quarter 2025, insured depository institutions reported a return on assets (ROA) ratio of 1.27 percent and aggregate net income of $79.3 billion, an increase of $9.4 billion (13.5 percent) from the prior quarter. Strong net interest income growth and a reduction in provision expense, primarily related to last quarter’s large bank acquisition, drove the quarterly increase in earnings." It says, "The industry reported a quarterly increase in net interest income (up $7.6 billion, or 4.2 percent), as interest income accelerated more than interest expense. The net interest margin (NIM) increased by 9 basis points to 3.34 percent, which is above the pre-pandemic average of 3.25 percent.1The community bank NIM of 3.73 percent increased 10 basis points from the prior quarter, increasing for the sixth consecutive quarter, and is above the pre-pandemic average of 3.63 percent." The release continues, "Domestic deposits increased $92.2 billion (0.5 percent) from second quarter 2025, rising for a fifth consecutive quarter. Estimated uninsured domestic deposits drove the increase, up $88.6 billion (1.1 percent) from the prior quarter." It adds, "The Deposit Insurance Fund Reserve Ratio Increased 4 Basis Points to 1.40 Percent: In the third quarter, the Deposit Insurance Fund balance increased $4.8 billion to $150.1 billion. The reserve ratio increased 4 basis points during the quarter to 1.40 percent.... The total number of FDIC-insured institutions declined by 42 during the third quarter to 4,379. During the quarter, four banks were sold to uninsured institutions and 38 institutions merged or consolidated with other banks."
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