ICI'​s latest weekly "Money Market Fund Assets" shows money fund assets jumping $​66.​8 billion to $​7.​016 trillion, after falling $​19.​8 billion the week prior. Money fund assets remain just below their record level of $​7.​032 trillion set on April 2. They'​ve increased by $​712.​3 billion (​or 11.​3%) since the Fed last cut rates on 9/​18/​24 and increasing by $​1.​038 trillion (​or 17.​4%) since 4/​24/​24. MMF assets are up by $​923 billion, or 15.​2%, in the past 52 weeks (​through 6/​4/​25), with Institutional MMFs up $​483 billion, or 13.​2% and Retail MMFs up $​441 billion, or 18.​0%. Year-​to-​date, MMF assets are up by just $​165 billion, or 2.​4%, with Institutional MMFs up $​12 billion, or 0.​3% and Retail MMFs up $​153 billion, or 5.​6%. ICI'​s weekly release says, "Total money market fund assets increased by $​66.​78 billion to $​7.​02 trillion for the week ended Wednesday, June 4.... Among taxable money market funds, government funds increased by $​56.​87 billion and prime funds increased by $​10.​97 billion. Tax-​exempt money market funds decreased by $​1.​06 billion." ICI'​s stats show Institutional MMFs increasing $​48.​7 billion and Retail MMFs increasing $​18.​1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $​5.​717 trillion (​81.​5% of all money funds), while Total Prime MMFs were $​1.​158 trillion (​16.​5%). Tax Exempt MMFs totaled $​140.​4 billion (​2.​0%). It explains, "Assets of retail money market funds increased by $​18.​12 billion to $​2.​89 trillion. Among retail funds, government money market fund assets increased by $​11.​47 billion to $​1.​82 trillion, prime money market fund assets increased by $​7.​83 billion to $​941.​75 billion, and tax-​exempt fund assets decreased by $​1.​17 billion to $​127.​79 billion." Retail assets account for well over a third of total assets, or 41.​2%, and Government Retail assets make up 63.​0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $​48.​66 billion to $​4.​13 trillion. Among institutional funds, government money market fund assets increased by $​45.​40 billion to $​3.​90 trillion, prime money market fund assets increased by $​3.​15 billion to $​216.​26 billion, and tax-​exempt fund assets increased by $​111 million to $​12.​60 billion." Institutional assets accounted for 58.​8% of all MMF assets, with Government Institutional assets making up 94.​5% of all institutional MMF totals. According to Crane Data'​s separate Money Fund Intelligence Daily series, money fund assets have decreased by $​3.​1 billion in June (​through 6/​4/​25) to $​7.​397 trillion, after assets hit a record high of $​7.​406 trillion on June 3. Assets jumped by $​100.​9 billion in May, fell by $​24.​4 billion in April, they rose $​2.​8 trillion in March, $​94.​2 billion in February, $​52.​8 billion in January, $​110.​9 billion in December, $​200.​5 trillion in November, $​97.​5 billion in October, $​149.​8 billion in September, $​109.​7 billion in August, $​16.​6 billion in July, $​15.​7 billion in June and $​91.​4 billion in May 2024. Note that ICI'​s asset totals don'​t include a number of funds tracked by the SEC and Crane Data, so they'​re over $​330 billion lower than Crane'​s asset series.

A news brief titled, "Interactive Brokers offers additional security for uninvested cash held in brokerage accounts" tells us, "Interactive Brokers LLC offer IBKR Pro clients with individual accounts and/​or IRAs and organizational accounts a program that gives them additional security on the cash held in their brokerage accounts. As of May 27, 2025, the Insured Bank Deposit Sweep Program provides up to USD 5.​0 million of Federal Deposit Insurance Corporation (​FDIC) coverage on an individual or institutional account'​s free cash balances. In addition, joint accounts are eligible for up to USD 10.​0 million in coverage on free cash balances." They explain, "Combined with the existing Securities Investor Protection Corporation (​SIPC) coverage of the first USD 250,​000 in your brokerage account, the total available insurance for your IBKR brokerage and sweep accounts is USD 5.​25 million for individual accounts and USD 10.​25 million for joint accounts. Cash balances above these limits remain subject to safeguarding under the SEC'​s Customer Protection Rule 15c3-​3, backed by the firm'​s equity capital. Adding this program will not disrupt your account features or your trading capabilities. You will continue to earn competitive interest on balances, and your account cash will remain available for stocks, options, futures, currencies and bond trading on more than 160 markets globally."

J.​P. Morgan Wealth Management writes on "Where to invest cash to boost its yield." They tell us, "The phrase '​cash is king' has some merit, and having a healthy balance in your checking or savings account and maintaining an emergency fund is sound financial advice. That said, building long-​term wealth may depend on utilizing a range of investment options with more potential to grow than relying solely on money kept in a traditional savings account. If you have excess cash in a checking or savings account, you may find yourself wondering how to invest the cash in a relatively risk averse way that would keep it relatively liquid while potentially growing your money faster than you could with a traditional savings account." JPM says, "There are a number of financial products that might pay attractive rates on your cash with little risk. Once you know the characteristics of these different options, it will be easier to make an informed choice about the most advantageous way for you to invest your excess cash in order to best meet your needs. Of note, the options this article covers are lower risk investment options that are relatively liquid. There are other investment options for cash -- like stocks -- but these options often come with more risk. If you have a longer time horizon or the ability or want to take on more risk, you may desire to consider some of the other investment options out there beyond what’​s covered below. If you need guidance on where to invest your cash, consider reaching out to a J.​P. Morgan advisor to create a personalized strategy today." The piece mentions: High-​yield savings account, Bank CDs, Brokered CDs, Treasuries, Money market funds and Short-​term bond funds. It adds, "​While cash may not offer the highest growth potential for long-​term wealth accumulation, it can serve as a stable foundation in your investment portfolio. To enhance the returns on the excess cash you hold, consider exploring higher-​yield options such as money market funds or CDs, or seek out other products that align with your risk tolerance and investment timeline."

The U.​S. Treasury'​s Office of Financial Research (​OFR) published a brief, "OFR Hedge Fund Monitor Shows Repo Reversal," which tells us, "The OFR'​s Hedge Fund Monitor (​HFM) was updated in late April to reflect Q4 2024 Securities and Exchange Commission (​SEC) Form PF data for Qualifying Hedge Funds. Hedge fund Q4 repurchase agreement (​repo) borrowing declined 9% quarter-​over-​quarter to $​2.​5 trillion following eight consecutive quarters of growth. Repo borrowing is a key source of leverage for hedge funds. In these secured borrowing transactions, hedge funds borrow cash by posting securities, such as U.​S. Treasury and foreign sovereign debt, as collateral. If a hedge fund defaults on its repayment obligation, the lender can sell the collateral to repay its loan. By creating a secure and flexible market for temporarily monetizing government debt, repo markets improve the efficiency of financial markets more broadly." The update explains, "Notably, the Q4 decline followed a record high for hedge fund repo borrowing in Q3 and exceeded prime brokerage borrowing.... The last time repo borrowing exceeded prime brokerage borrowing by a wider margin was Q1 2020, a period of extreme market volatility. From Q4 2022 through Q4 2024, repo borrowing more than doubled (​up 104%), which facilitated additional leverage for multi-​strategy, macro, and relative value funds." It adds, "Hedge fund repo borrowing increased so significantly during the past two years because hedge fund investments in Treasury and foreign sovereign debt increased. This growth is primarily due to cash-​futures basis, cash-​swap basis, and yield curve trades, which all involve repo financing. Growth in these trades is a function of many underlying developments, including increased issuance in Treasury and foreign sovereign debt markets. As these markets have grown, so too have hedge fund positions. Historically, repo borrowing has declined in Q4 in nine of the last 12 years. However, the recent decline is notable as it was broad-​based with 19 of the top 20 largest repo borrowers reducing borrowing."

TMI posted the story, "MillTech Launches Cash Management Solution, Partnering With BlackRock." It says, "FX hedging specialist, MillTech, has launched a new cash management solution, in partnership with BlackRock'​s CacheMatrix, to help investment managers and global corporates optimise their excess cash.... Its solution automates cash investments and enhances returns through direct access to an integrated marketplace of tier-​1 money market funds." The update tells us, "​Enhancing multi-​currency cash returns is a complex task. Fragmented systems, manual processes and limited automation make it difficult for treasury teams to track and manage global cash effectively. Maintaining multiple money market fund relationships adds to the operational burden, often resulting in underperforming idle cash sitting in a bank account. MillTech'​s new cash management solution enables clients to access the best available returns from multiple money market fund providers, while automating the trade lifecycle and providing complete cost transparency. The platform delivers streamlined onboarding and end-​to-​end automation, simplifying the investment process. Through a rules-​based approach, MillTech enhances control and compliance, giving treasury teams added confidence in their cash allocation decisions." TMI adds, "The firm'​s expansion into cash management is being led by two recent hires, Matthew Shapcott and Neil Gallacher. Prior to MillTech, Shapcott served as EMEA Head of GlobalLink Business Development at State Street and brings two decades of experience in the industry. Gallacher was formerly Senior Business Development Director and head of APAC for GlobalLink Fixed Income at State Street and brings nearly 15 years of deep expertise in money markets."

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