Crane 100 Index Inches Up to 3.46%
Money fund yields (7-day, annualized, simple, net) were up 1 bp at 3.46% on average during the week ended Thursday, June 18 (as measured by our Crane 100 Money Fund Index), after going unchanged the week prior. Fund yields hadn't been below 3.5% since November 2022, and they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) since the Fed left short-term rates unchanged last week. Yields were 3.47% on 4/30/26 and 3/31/26, 3.49% on 2/28/26, 3.50% on 1/31/26, 3.58% on 12/31/25, 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, 4.14% 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 716), shows a 7-day yield of 3.36%, up 1 bp in the week through Thursday. Prime Inst money fund yields were up 1 bp at 3.58% in the latest week. Government Inst MFs were up 1 bp at 3.45%. Treasury Inst MFs were unchanged at 3.42%. Treasury Retail MFs currently yield 3.20%, Government Retail MFs yield 3.18% and Prime Retail MFs yield 3.37%, Tax-exempt MF 7-day yields were up 9 bps to 2.32%. Money market mutual fund assets have now hit an all-time record high of $8.370 trillion on June 16, the previous record of $8.346 trillion was seen two weeks prior (6/4), and prior to that, $8.334 trillion on June 2, according to our Money Fund Intelligence Daily. Assets have increased $8.9 billion in the week through Thursday, and they've increased by $20.1 billion in June month-to-date (through 6/18). MMF assets increased by $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion in July and $6.7 billion last June. Weighted average maturities were at 42 days for the Crane MFA and 44 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Thursday (6/18), just 170 money funds (out of 827 total) yield under 3.0% with $231.0 billion in assets, or 2.8%, while the vast majority (657) of funds yield between 3.00% and 3.99% ($8.081 trillion, or 97.2%). No funds yield over 4.0%. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp four weeks prior. The latest Brokerage Sweep Intelligence, with data as of June 18, shows no changes over the past week. Four 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, Morgan Stanley and Schwab.
