Money Market News
Crane Data's April Money Fund Portfolio Holdings, with data as of March 31, 2026, show that holdings of Treasuries increased while Repo declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $103.0 billion to $8.075 trillion in March, after increasing $113.2 billion in February, but decreasing $54.6 billion in January. Holdings assets increased $231.8 billion in December, $134.3 billion in November, $158.4 billion in October, $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $84.0 billion in June and $72.0 billion in May. They decreased by $73.8 billion last April. Treasuries, the largest portfolio composition segment, inched higher by $19.2 billion. Repo, the second largest segment, decreased $69.4 billion in March. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Friday, and we'll be writing our regular monthly update on the new March data for Monday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Thursday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of March 31, includes holdings information from 997 money funds (up 4 from last month), representing assets of $8.127 trillion (down from $8.327 trillion a month ago). Prime MMFs fell to $1.251 trillion (down from $1.263 trillion), or 15.4% of the total. We review the new N-MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues fell to $21.6 billion (annualized) in March.
Crane Data's latest monthly Money Fund Market Share rankings show assets down among the largest U.S. money fund complexes in March, after being up in February and mixed in January. Assets have increased in 19 of the past 21 months (only April 2025 and March 2026 saw declines). Money market fund assets fell by $56.6 billion, or -0.7%, last month to $8.193 trillion. Total MMF assets have increased by $76.2 billion, or 0.9%, over the past 3 months, and they've increased by $861.1 billion, or 11.7%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, First American, BlackRock, Schwab and Allspring, which grew assets by $9.3 billion, $9.3B, $6.5B, $5.9B and $5.1B, respectively. Declines in March were seen by SSIM, Vanguard, Goldman Sachs, Federated Hermes and BNY Dreyfus, which decreased by $16.2 billion, $13.9B, $13.1B, $10.3B and $9.1B, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which were lower in March.
The April issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Wednesday morning, features the articles: "JPM: Corporates Driving MMF Asset Gains; A Look at Fed Z.1," which reviews corporate cash balances and their impact on money fund growth; "Bond Fund Symposium in Boston: Ho & Schneider," which quotes from our recent ultra-short bond fund conference; and "Fidelity Reserves Digital, 5th Stablecoin Reserve Fund," which discusses the latest Stablecoin Reserves money market funds. We also sent out our MFI XLS spreadsheet Wednesday a.m., and we've updated our Money Fund Wisdom database with 3/31/26 data. Our April Money Fund Portfolio Holdings are scheduled to ship on Friday, April 10, and our April Bond Fund Intelligence is scheduled to go out on Wednesday, April 15.
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.47% on average during the week ended Thursday, April 2 (as measured by our Crane 100 Money Fund Index), after remaining unchanged the week prior. Fund yields haven'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 three weeks ago. Yields were 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 Investment Company Institute published its weekly "Money Market Fund Assets" report Thursday, which shows money fund assets increasing by $7.6 billion to $7.811 trillion, after decreasing by $53.0 billion the previous week and rising by $38.7 billion to a record high $7.856 trillion two weeks prior. Assets have risen in 22 of the last 28 weeks and 30 of the past 37 weeks. MMF assets are up by $779 billion, or 11.1%, over the past 52 weeks (through 4/1/26), with Institutional MMFs up $547 billion, or 13.2% and Retail MMFs up $232 billion, or 8.1%. Year-to-date in 2026, MMF assets are up by $78 billion, or 1.0%, with Institutional MMFs up $38 billion, or 0.8% and Retail MMFs up $39 billion, or 1.3%.
The Bank of England published a paper titled, "A simulation framework for sterling money market funds: estimating redemption capacity and evaluating liquidity requirements." The staff paper's summary says, "Money market funds (MMFs) aim to provide near-on-demand liquidity yet often hold assets that become hard to sell under stress, leaving them vulnerable to run-like redemptions. I build a simulation framework for sterling MMFs to estimate redemption capacity and failure probability across alternative redemption profiles and market-liquidity scenarios. Resilience of funds depends on both the timing of outflows and the effective liquidity of weekly liquid assets (WLA): front-loaded redemptions are most destabilising, and the benefit of asset sales shrinks as market depth thins. Removing the 30% WLA threshold effect – under which managers must consider measures to deter further redemptions – yields sizeable resilience gains by reducing cliff-edge behaviour. Under historically extreme shocks and without threshold effects, most resilience improvements come from holding WLA above the 30% regulatory minimum; in my simulations, gains concentrate around 40% WLA, with diminishing returns beyond."
The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Fourth Quarter 2025," which shows that money fund assets globally rose by $534.7 billion, or 4.2%, in Q4'25 to a record $13.280 trillion. (The totals would have been $13.552 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in the U.S. and China, while Ireland and Luxembourg also showed strong gains. Meanwhile, money funds in France were sharply lower. MMF assets worldwide increased by $1.681 trillion, or 14.5%, in the 12 months through 12/31/25, and money funds in the U.S. now represent 58.3% of worldwide assets. In Q1, European money fund asset totals surpassed Asian money fund totals for the first time since Q4'2017. The new Q4 data shows Asian money fund totals moving back above European money fund totals. We review the latest Worldwide MMF assets, below.
The Investment Company Institute published its monthly "Trends in Mutual Fund Investing - February 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" on Tuesday. The latest "Trends" shows money fund totals increasing $59.9 billion, or 0.8%, in February to $7.789 trillion. MMFs increased by $805.6 billion, or 11.5%, over the past 12 months (through 2/28/26). Money funds' February asset increase follows a decrease of $17.3 billion in January, an increase of $170.2 billion in December, $107.7 billion in November, $146.8 billion in October, $104.5 billion in September, $123.4 billion in August, $69.0 billion in July, $29.3 billion in June and $84.7 billion in May. Assets decreased $63.8 billion in April and $10.9 billion in March. But they increased $99.0 billion last February. Bond fund assets increased $103.8 billion to $5.684 trillion, and bond ETF assets increased $91.6 billion to $2.393 trillion in February 2026.
Arca Capital Management filed a Form N-1A registration statement for Arca U.S. Treasury Money Market Digital Fund tells us, "Arca U.S. Treasury Money Market Digital Fund seeks to provide investors with as high a level of current income as is consistent with the preservation of shareholders' capital and liquidity. The Fund seeks to maintain a stable $1.00 net asset value (NAV) per share.... The Fund will invest, under normal circumstances, exclusively in U.S. dollar cash, U.S. Treasury bills, notes and bonds with 93 days or less to maturity, overnight repurchase agreements fully collateralized by U.S. Treasury securities, and registered money market funds that themselves invest solely in the foregoing assets." This will be the 6th manager to launch a Stablecoin Reserves money market fund, following BlackRock's Circle Treasury Reserves, and Stablecoin Reserves offerings from State Street, Goldman Sachs, BNY and Fidelity. (See our March 23 News, "Fidelity Files for Reserves Digital Fund, 5th Stablecoin Reserve MMF.")
The Investment Company Institute published a release entitled, "Mutual Fund and ETF Fees Remained Near Historic Lows in 2025," along with the report, "Trends in the Expenses and Fees of Funds, 2025." The full report tells us, "On an asset-weighted basis, average expense ratios incurred by mutual fund investors have fallen substantially over the past 29 years.... In 1996, equity mutual fund investors incurred expense ratios of 1.04 percent, on average, or $1.04 for every $100 in assets. By 2025, that average had fallen to 0.40 percent. Average expense ratios for hybrid and bond mutual funds, as well as money market funds, have also declined meaningfully since 1996."
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, which shows that total money fund assets rose by $123.7 billion in February 2026 to a record high $8.341 trillion, after hitting $8.217 trillion the month prior. The SEC shows Prime MMFs increased $18.2 billion in February to $1.383 trillion, Govt & Treasury funds increased $104.5 billion to $6.808 trillion and Tax Exempt funds increased $1.0 billion to $150.1 billion. Taxable yields were lower again in February following declines in January. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets increasing $102.3 billion in February 2026 to a record of $8.258 trillion. In March month-to-date through 3/24, total money fund assets have decreased by $26.9 billion to $8.214 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
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