Crane 100 MF Index Flat at 4.40%

Mar 14 23

Money fund yields were flat last week after jumping last month following the Fed's 25 basis point hike on Feb. 1. Our Crane 100 Money Fund Index (7-Day Yield) was unchanged at 4.40% in the week ended Friday, 3/10. Yields rose by 1 basis point the previous week and they're up from 4.15% on Jan. 31, 2023. Money fund yields have risen from 4.05% on 12/31/22, from 3.59% on Nov. 30, from 2.88% on Oct. 31 and from 2.66% on Sept. 30. Yields should be flat in coming days, and it's now unclear whether the Fed will hike rates again at its next meeting on March 22. The top-yielding money market funds remain flat at just over 4.70%. (See our "Highest-Yielding Money Funds" table above). The Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 687), shows a 7-day yield of 4.30%, up 2 bps in the week through Friday. Prime Inst MFs were up 1 bp at 4.50% in the latest week. Government Inst MFs rose by 3 bps to 4.36%. Treasury Inst MFs up 2 bps for the week at 4.34%. Treasury Retail MFs currently yield 4.12%, Government Retail MFs yield 4.06%, and Prime Retail MFs yield 4.32%, Tax-exempt MF 7-day yields were down at 2.04%. According to Monday's Money Fund Intelligence Daily, with data as of Friday (3/10), just 48 money funds (out of 823 total) yield between 0.00% and 1.99% with $18.3 billion, or 0.3%; 89 funds yield between 2.00% and 2.99% with $103.3 billion, or 2.0%; 97 funds yield between 3.00% and 3.99% ($76.2 billion, or 1.4%), and 589 funds yield 4.0% or more ($5.093 trillion, or 96.3%). Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.54% after decreasing 1 bp the week before. The latest Brokerage Sweep Intelligence, with data as of March 10, shows that there was no changes over the past week. Just 3 of 11 major brokerages still offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley. See also, The Wall Street Journal's "Individual Investors Pile Into Cash, Chasing Higher Returns" and "Savers Pile Money Into Bank CDs as Rates Top 5%."

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