Crane 100 MF Index Rises to 3.57%
Money fund yields (7-day, annualized, simple, net) rose 6 basis points to 3.57% on average during the week ended Friday, September 18 (as measured by our Crane 100 Money Fund Index), after going unchanged the week prior. Fund yields should jump in coming days (and weeks) as they digest last week's 1/4-point increase in the Federal funds target rate. Yields were 3.51% on 8/31/26, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.47%, up 6 bps in the week through Friday. Prime Inst money fund yields were up 8 bps at 3.69% in the latest week. Government Inst MFs were up 5 bps at 3.55%. Treasury Inst MFs were up 7 bps at 3.56%. Treasury Retail MFs currently yield 3.32%, Government Retail MFs yield 3.28% and Prime Retail MFs yield 3.44%, Tax-exempt MF 7-day yields were up 33 bps to 2.57%. Assets decreased $7.9 billion in the week through Friday, and they've decreased by $41.2 billion in September month-to-date (through 9/18). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 38 days for the Crane MFA and 38 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of September 18, shows one change over the past week, Fidelity raised rates for all accounts of $1K to greater than $5 million to 1.94%. 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.
