Link of The Day
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of January 2) incldes Holdings information from 62 money funds (down 12 from 2 weeks ago), or $4.154 trillion (down from $4.581 trillion) of the $8.151 trillion in total money fund assets (or 60.0%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our December 10 News, "Dec. Money Fund Portfolio Holdings: Assets, Treasuries and Repo Surge.") Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.035 trillion (down from $2.188 trillion two weeks ago), or 49.0%; Repurchase Agreements (Repo) totaling $1.450 trillion (down from $1.600 trillion two weeks ago), or 34.9%, and Government Agency securities totaling $368.0 billion (down from $406.3 billion two weeks ago), or 8.9%. Commercial Paper (CP) totaled $146.0 billion (down from $177.4 billion two weeks ago), or 3.5%. Certificates of Deposit (CDs) totaled $78.3 billion (down from $89.4 billion two weeks ago), or 1.9%. The Other category accounted for $34.6 billion or 0.8%, while VRDNs accounted for $42.1 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.035 trillion, Fixed Income Clearing Corp with $555.5B, the Federal Home Loan Bank with $210.2B, JP Morgan with $138.2B, RBC with $109.1B, Federal Farm Credit Bank with $93.8B, Citi with $89.6B, BNP Paribas with $85.8B, Wells Fargo with $77.0B and Bank of America with $46.3B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($336.8B), JPMorgan 100% US Treas MMkt ($296.4B), Goldman Sachs FS Govt ($276.4B), Fidelity Inv MM: Govt Port ($275.4B), BlackRock Lq FedFund ($202.8B), State Street Inst US Govt ($200.4B), Morgan Stanley Inst Liq Govt ($198.0B), BlackRock Lq Treas Tr ($177.9B), Fidelity Inv MM: MM Port ($167.1B) and Dreyfus Govt Cash Mgmt ($163.7B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
MS Says Money Funds to Keep Growing
Barron's writes, "Money-Market Fund Assets Are at a Record and Poised to Keep Growing. Here’s Why." They tell us, "Money-market funds pulled in $935 billion in new assets last year, pushing total assets above $8 trillion and surpassing their haul in 2024, according to new research from Morgan Stanley. The low-risk savings vehicles are poised to maintain steady asset growth in 2026, despite expectations for more Federal Reserve rate cuts ahead." The piece continues, "Morgan Stanley analysts anticipate money-market funds could attract another $500 billion in assets this year because their yields remain attractive to both retail and institutional investors. The Crane 100 Money Fund Index had an average 3.58% annualized 7-day yield as of Jan. 3. Some funds offer above-average rates, such as Vanguard Federal Money Market Fund's 3.70%. That is down from a high of more than 5% in 2023, but well above the near-zero rates money funds earned for years before the Federal Reserve started raising rates in 2022." The article also says, "Morgan Stanley forecasts that assets in money-market funds could exceed $8.6 trillion by the end of 2026. Money-market fund yields have only been higher than 3% at two points over the past two decades, according to a Dec. 5 Morgan Stanley research note. 'Their high degree of safety and liquidity continue to make money-market funds an attractive investment alternative to bank deposits,' the analysts wrote." It adds, "Flows into money-market funds have persisted even as many investors embraced risky investments last year.... Morgan Stanley analysts estimated Dec. 5 that at the end of 2026, money-market fund investors would earn $275 billion in income over the previous 12 months. They believe most investors will reinvest the income in money-market funds, rather than put it in equities."
The Wall Street Journal writes "The $358 Billion Question for the New CEO of Berkshire Hathaway" The piece explains, "Greg Abel's time has come, and there's a $358 billion question on investors' minds: What will the new chief executive of Berkshire Hathaway do with all of that cash? As Warren Buffett's handpicked successor, Abel faces several challenges as he takes the reins today.... The most pressing issue is how to deploy Berkshire's record cash pile. The company has been a net seller of stocks for 12 straight quarters.... The resulting buildup of cash is a problem -- though perhaps a good one, as far as problems go -- that leaves Abel with both a menu of options and scrutiny from shareholders." The article states, "Abel declined to comment for this article. At the 2025 annual meeting in May, he said the cash pile is an 'enormous asset' that gives Berkshire a cushion if a market downturn occurs.... Buffett has long prided himself on maintaining a strong balance sheet with plenty saved up for a rainy day. During the financial crisis, he famously used Berkshire's financial strength to throw lifelines to companies including Goldman Sachs and General Electric. He has been waiting for other big opportunities. At the 2017 annual meeting, Buffett said: 'There's no way I can come back here three years from now and tell you that we hold $150 billion or so in cash or more, and we think we're doing something brilliant by doing it.' The cash pile kept growing. Berkshire's cash and equivalents increased to $358 billion by the end of September, after accounting for a payable for purchasing some short-term government debt. The risk to holding so much cash is that the return Berkshire can receive on such holdings could fall as the Federal Reserve lowers interest rates, some analysts have warned. On the other hand, they say, the cash is a protective armor for Berkshire's balance sheet."
Federated's Bartell Talks GBP MMFs
Federated Hermes (UK) posted a video update which asks, "How can Money Market Funds ensure liquidity as well as an attractive yield?" It's description states, "Joanne Bartell, Portfolio Manager for Liquidity, outlines why money market funds can potentially outperform traditional bank deposits, how combining trader and portfolio manager roles can boost investment decision making, as well as providing a perspective on the current cash management landscape." Moderator Tara Dougherty asks, "Flows have been pretty strong into money market funds as of late. If we focus on the sterling market for now, why do you think investors are choosing money market funds over bank deposits?" Bartell responds, "There are a number of advantages for clients investing in money market funds as opposed to just placing their cash into an overnight deposit with the bank. Money market funds aim to achieve a return over and above bank base rates. Money market funds tend to be able to do this by adding duration but still enabling investors to get access to the cash as same day liquidity. Historically, money market funds can be at premium with a yield, in a rate-cutting environment. For example, we're in the cutting environment with Bank of England. They may cut next month; they may cut in February. But when you see the Bank of England cut a rate or any central bank, the interest rate is immediately passed onto the customer via the bank ... they lower their interest rate immediately. With the composition of a money market portfolio, you'll find that our yield slightly lowers due to the composition and the extra duration that we can offer but still offering same-day liquidity." She adds, "The other thing is we're talking about yield, which is important, but capital preservation is our primary objective. This is our main focus. We only invest in high-quality, highly rated, good liquidity assets over a short duration period. We also have a very conservative credit list. So combine all of those factors, it basically reduces or alleviates some of that market volatility or our exposure to the market volatility that we’ve seen in past years." Bartell also tells us, "We have a dedicated money market credit team which is comprised of seven or eight analysts that purely work on money market credit. Every day we'll have a credit update -- we'll look at any credit overnight news, any rating agency changes -- so, we're always fully aware of where we are, and we'd never invest without being fully sure where we're going to be investing. We work within the parameters, and we manage to maintain a high yield using those parameters.... Each day, we monitor markets continuously, review economic data, any overnight news, any rating changes, any credit moves, and then we'll look at the yield curve -- so we'll look at maybe two points on the yield curve, depending on where we sit with the central bank's monetary policy -- and invest where we find value. This provides a bit of comfort to our client base." Finally, she adds, "We've got an investor base that we're very comfortable with. Our fund has no internal cash -- it's generally made up of investors. We have certain clients that move in the same way, so they have liabilities at the same point of the month, so we position our portfolio to work with them. We'll have excess liquidity, and we'll buy at these points where we find value. And obviously when we lose that cash, we know we're going to lose that cash.... We have inflows generally at the beginning of the month and outflows generally at the end of the month. But we're fully planned for that so we position our portfolio accordingly."
Fed Minutes on Elevated Repo Rates
The Federal Reserve posted its "Minutes of the Federal Open Market Committee, December 9–10, 2025" on Tuesday, which tell us, "The manager noted that money market conditions continued to tighten over the intermeeting period and that the staff assessed that conditions were consistent with the level of reserves having declined to the ample region. Rates on Treasury repurchase agreements (repo) remained relatively elevated and volatile over the intermeeting period. Investors attributed firmness in repo rates to a decline in available liquidity and continued large Treasury debt issuance. Higher repo rates, along with a lower level of reserves, continued to contribute to upward pressure on the spread between the effective federal funds rate (EFFR) and the interest rate on reserve balances. The manager noted that the correlation between this spread and the level of reserve balances had risen notably over the past couple of months and that the EFFR had moved up faster than it had during the previous episode of balance sheet runoff. Consistent with elevated repo rates, usage of overnight reverse repo operations remained low, while both the frequency and volume of standing repo operations increased over the intermeeting period. Some other key indicators of reserve ampleness, such as the share of payments by banks occurring later in the day and the share of domestic banks borrowing in the federal funds market, also pointed to ample reserve conditions." The FOMC says, "Participants agreed that recent money market conditions pointed to reserves being within the ample range and that beginning RMPs would be prudent to maintain a supply of ample reserves. A couple of participants remarked that the recent increase in the spread between the EFFR and the interest rate on reserve balances had been faster than during the Federal Reserve's 2017–19 runoff experience, and a couple of participants observed that triparty repo rates had been averaging somewhat above the interest rate on reserve balances. Participants expressed their preferences for purchases to be in Treasury bills so that the SOMA portfolio composition would begin to shift toward that of Treasury securities outstanding, though no decision was made on the composition of the portfolio in the long run. Policymakers generally emphasized the importance of communicating that RMPs would be made solely to ensure interest rate control and smooth market functioning and had no implications for the stance of monetary policy." They add, "Conditions in U.S. short-term funding markets remained orderly but were generally tighter over the intermeeting period. In secured markets, liquidity conditions were tighter, on average, amid robust Treasury issuance, declining reserve balances in recent months, and month-end pressures.... In support of the Committee's goals and in light of the shift in the balance of risks, nine members agreed to lower the target range for the federal funds rate by 1/4 percentage point to 3 1/2 to 3 3/4 percent." Finally, they state, "At the conclusion of the discussion, the Committee voted to direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the SOMA in accordance with the following domestic policy directive, for release at 2:00 p.m.: 'Effective December 11, 2025, the Federal Open Market Committee directs the Desk to: Undertake open market operations as necessary to maintain the federal funds rate in a target range of 3 1/2 to 3 3/4 percent. Conduct standing overnight repurchase agreement operations at a rate of 3.75 percent. Conduct standing overnight reverse repurchase agreement operations at an offering rate of 3.5 percent and with a per-counterparty limit of $160 billion per day. Increase the System Open Market Account holdings of securities through purchases of Treasury bills and, if needed, other Treasury securities with remaining maturities of 3 years or less to maintain an ample level of reserves. Roll over at auction all principal payments from the Federal Reserve's holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve’s holdings of agency securities into Treasury bills.'"
Forbes on 2026 Outlook, Cash, Bonds
Forbes writes on "What Interest Rates, Markets And The 2026 Economic Outlook Mean For Your Money." They comment, "Years of soaring inflation, aggressive interest-rate hikes and volatile markets could give way to a smoother financial ride in 2026 depending on several still unpredictable factors." A section, "Bonds And Cash Are Back From The Dead," tells us, "Bonds and cash like instruments, such as high-yield savings or money-market funds, have again started paying noticeably higher interest. While many analysts expect only modest returns from fixed income, Forbes contributor Brett Owens writes that, '2026 could be the best year for bond investors in years.' Next year, expect to see: Investment grade bonds: Because they're no longer extremely low, these bonds can again do what they're meant to do by providing steady income and protecting your portfolio when stocks fall. Short term instruments: Treasury bills, money market funds and short term bond funds may still offer attractive yields with less volatility than stocks or long duration bonds." The piece states, "If you're close to retirement, you no longer have to choose between taking on extra risk just to earn income or settling for low returns on safe assets. With yields rising [sic], a traditional mix of stocks and bonds is once again considered a practical, balanced approach for earning income and managing risk. 'Retirement means shifting from accumulating wealth to generating cash flow,' Forbes contributor True Tamplin says. Today's rates make that transition more negotiable."
Bond Fund Symposium, March 19-20
Crane Data is ramping up preparations for our ninth annual Bond Fund Symposium, which focuses on ultra-short bond funds and which will take place March 19-20, 2026 at the Hyatt Regency in Boston, Mass. Crane's Bond Fund Symposium offers a concentrated and affordable educational experience, as well as an excellent networking venue, for bond fund and fixed-income professionals. Registrations are now being accepted ($1,000) and sponsorship opportunities (and discounts) are available. We're still looking for a couple of speakers, but see our latest agenda and details below. (We'll also be hosting a Crane Data 20th Birthday Party alongside BFS, so please join us Thursday, March 19 from 5:00-7:00pm at the Boston Hyatt Regency.) Portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of bond funds and fixed-income investing will benefit from our comprehensive program. A block of rooms has been reserved at the Hyatt Regency Boston. We'd like to thank our past sponsors and exhibitors -- Northern Trust Asset Management, Fitch Ratings, Fidelity Investments, J.P. Morgan Asset Management, Invesco, BofA Securities, Bloomberg Intelligence, Federated Hermes, Payden & Rygel, PIMCO and Dechert -- for their support. (We'd also love to get some new ones!) E-mail us for more details. We're also making plans for our next "big show," Money Fund Symposium, which will be held June 24-26, 2026, at The Hyatt Regency Jersey City in Jersey City, N.J. (Let us know if you'd like details on speaking or sponsoring.) Also, mark your calendars for our next European Money Fund Symposium, which will be held Sept. 24-25, 2026 in Paris, France. Finally, thanks to those who supported our recent Money Fund University in Pittsburgh! Mark your calendars too for next year's MFU, which will be held Dec. 17-18, 2026 in Greenwich, Conn. (MFU attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.") Watch for details on these shows in coming weeks and months. Merry Christmas, Happy Holidays and Happy New Year from Crane Data and Money Fund Intelligence, and we hope to see you in Boston, Jersey City, Paris or Greenwich in 2026!
Morningstar on Funds for Rate Cuts
Morningstar Says, "Consider These Funds to Manage Your Cash Amid Fed Rate Cuts." The article explains, "[T]he market is still anticipating at least 50 basis points of cuts over the coming 12 months, according to the CME FedWatch Tool. This key rate is a primary monetary policy lever and a benchmark for other short-term interest rates, affecting yields on money market funds and other short-term strategies.... But falling short-term yields shouldn't lead you to chuck your short-term funds. While the yield of the three-month Treasury bill remained slightly above that of the three-year Treasury note in December 2025, history has shown that the yield curve will likely steepen, causing yields on the very front of the curve to fall more than longer yield. Against this backdrop, investors should be thoughtful about where they park their cash and short-term investments. Effectively managing short-term liquidity by adding incremental yield where possible can add up over time. The average retail taxable government money market fund yielded less than 4% at the end of November 2025 and will likely trend lower as the Fed considers more rate cuts. With a positively sloped and steeper yield curve, investors should consider opportunities to add more value by extending into active ultrashort and short-term fixed-income funds, which can offer higher yields but come with moderate interest rate risk. Consider these general holding period guidelines for managing liquidity: a money market fund for immediate cash needs, an ultrashort fund for a period of six months to 1.5 years, and a short-term fund for 1.5 to 3.0 years. Here are some of the top investment choices to consider." The piece continues, "Pimco's veteran short-term and liquidity specialists manage Pimco Short-Term PSHAX, a top-tier offering in the ultrashort bond Morningstar Category.... The fund relies on a flexible mandate and a deep toolkit to navigate the best opportunities on the front end of the yield curve. Its emphasis on corporate and securitized sectors, which offer incremental yield over risk-free Treasuries, helps generate an attractive yield. As of Nov. 30, 2025, the fund's SEC yield was around 4.0%. It also comes in a more cost-effective exchange-traded fund wrapper, although it is slightly tamer than its flagship offering; Gold-rated Pimco Enhanced Short Maturity Active ETF MINT touts a 4.07% SEC yield." It adds, "Vanguard Short-Term Investment-Grade VFSUX takes a slightly different approach from other more diversified funds. Its duration is longer than ultrashort offerings and therefore can be more susceptible to changes in interest rates, but less than that of intermediate funds. This fund's 4.20% SEC yield mostly comes from its large allocations to industrial and financial corporate bonds as well as smaller stakes in Treasuries and asset-backed debt."
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of December 19) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.581 trillion (up from $4.101 trillion) of the $8.009 trillion in total money fund assets (or 57.2%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our December 10 News, "Dec. Money Fund Portfolio Holdings: Assets, Treasuries and Repo Surge." ) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.188 trillion (up from $1.988 trillion a week ago), or 47.8%; Repurchase Agreements (Repo) totaling $1.600 trillion (up from $1.447 trillion a week ago), or 34.9%, and Government Agency securities totaling $406.3 billion (up from $370.3 billion a week ago), or 8.9%. Commercial Paper (CP) totaled $177.4 billion (up from $140.9 billion a week ago), or 3.9%. Certificates of Deposit (CDs) totaled $89.4 billion (up from $72.0 billion a week ago), or 2.0%. The Other category accounted for $62.6 billion or 1.4%, while VRDNs accounted for $57.7 billion or 1.3%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.190 trillion, Fixed Income Clearing Corp with $591.3B, the Federal Home Loan Bank with $231.5B, JP Morgan with $146.5B, RBC with $124.3B, Federal Farm Credit Bank with $105.1B, BNP Paribas with $91.5B, Citi with $90.3B, Wells Fargo with $89.7B and Barclays PLC with $56.5B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($329.6B), JPMorgan 100% US Treas MMkt ($286.8B), Goldman Sachs FS Govt ($276.2B), Fidelity Inv MM: Govt Port ($264.2B), State Street Inst US Govt ($212.4B), Morgan Stanley Inst Liq Govt ($201.7B), BlackRock Lq FedFund ($196.0B), Federated Hermes Govt ObI ($174.2B), BlackRock Lq Treas Tr ($173.8B) and Dreyfus Govt Cash Mgmt ($165.8B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Inch Down to 3.58%
Money fund yields (7-day, annualized, simple, net) decreased by 8 bps to 3.58% on average during the week ended Friday, December 19 (as measured by our Crane 100 Money Fund Index), after decreasing 9 bps the week prior. Fund yields should move lower in coming days as they digest the remainder of the Fed's Dec. 10 25 bps rate cut. Yields were 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, 4.10% on 5/31, 4.13% on 4/30/25, 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 679), shows a 7-day yield of 3.49%, down 8 bps in the week through Friday. Prime Inst money fund yields were down 10 bps at 3.67% in the latest week. Government Inst MFs were down 8 bps at 3.60%. Treasury Inst MFs were down 6 bps at 3.55%. Treasury Retail MFs currently yield 3.32%, Government Retail MFs yield 3.29% and Prime Retail MFs yield 3.47%, Tax-exempt MF 7-day yields were up 44 bps to 2.69%. Assets of money market funds fell by $47.4 billion last week to $8.009 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $8.066 trillion on December 11. Month-to-date in December (through 12/19), MMF assets have increased $26.9 billion, after increasing by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January and $110.9 billion last December. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (12/19), 138 money funds (out of 789 total) yield under 3.0% with $146.8 billion in assets, or 1.8%; 643 funds yield between 3.00% and 3.99% ($7.818 trillion, or 97.6%), 8 funds yield between 4.0% and 4.99% ($44.9 billion, or 0.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more.`Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was down 1 bp at 0.30% <b:>`_, after falling 1 basis point the week prior. The latest Brokerage Sweep Intelligence, with data as of December 19, shows two changes over the past week. RW Baird lowered rates for accounts of $1K to $999K to 0.98%, to 1.55% for accounts of $1 million to $1.9 million and to 2.02% for accounts of $5 million and greater. UBS lowered rates for accounts of $1K to $499K to 0.03% and to 0.1% for accounts of $4 million to $9.9 million. Three 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 and Morgan Stanley.
Amundi Tokenises Shares of EUR MMF
A press release titled, "Amundi tokenises the first mutual fund to expand investor access" tells us, "In November, we launched our first tokenized share of one of our money market fund. The initial subscription took place on November 4 and the fund is now distributed in a hybrid way: it remains accessible via standard distribution networks and, from now on, via the tokenized share. Driven by growing customer demand for digital assets, this innovation opens the door to simple, immediate, 24/7 access to broad investment opportunities." It explains, "This project was completed in a record time of four months, based on three years of research on tokenization and close collaboration between the Legal, Compliance, Investments, Risk and Marketing teams in France, Italy and Luxembourg at Amundi, Crédit Agricole and CACEIS. The technology and infrastructure for the tokenisation of unit-linked funds, the digital wallets for investors, as well as the digital order platform for subscriptions and redemptions are provided by CACEIS." The piece adds, "This first class of tokenized shares is just the beginning and we are gradually adding new features to our tokenization offering, based on specific business cases allowing the integration of external customers." Earlier, The Block wrote, "Europe's largest asset manager Amundi tokenizes money market fund on Ethereum." They comment, "Amundi, Europe's largest asset manager with approximately $2.3 trillion in assets under management, has announced the launch of the first tokenized shares of one of its money market funds. According to the firm, the fund is now available as a new tokenized share class labeled Amundi Funds Cash EUR - DLT, using distributed ledger technology. The new share class is recorded on the public blockchain, which the Paris-headquartered firm said enables transparent record-keeping of fund units and full transaction traceability. Amundi framed the launch as a milestone in its wider digital assets roadmap, positioning tokenization as a way to modernize fund infrastructure and broaden investor access. The initiative was built in collaboration with CACEIS, one of Europe's top asset-servicing providers and transfer agents. CACEIS supplies the technology stack for the fund's tokenization, including digital wallets for investors and a blockchain-based order platform supporting subscriptions and redemptions."
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing by $10.7 billion to a record $7.666 trillion after increasing by $1.2 billion the previous week. Assets have risen in 11 of the last 13 weeks and 19 of the past 22 weeks. MMF assets are up by $915 billion, or 13.6%, over the past 52 weeks (through 12/17/25), with Institutional MMFs up $561 billion, or 13.8% and Retail MMFs up $354 billion, or 13.1%. Year-to-date, MMF assets are up by $815 billion, or 11.9%, with Institutional MMFs up $500 billion, or 12.1% and Retail MMFs up $316 billion, or 11.5%. ICI's weekly release says, "Total money market fund assets increased by $10.74 billion to $7.67 trillion for the week ended Wednesday, December 17.... Among taxable money market funds, government funds increased by $11.30 billion and prime funds decreased by $2.32 billion. Tax-exempt money market funds increased by $1.75 billion." ICI's stats show Institutional MMFs increasing $9.5 billion and Retail MMFs increasing $1.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.302 trillion (82.2% of all money funds), while Total Prime MMFs were $1.218 trillion (15.9%). Tax Exempt MMFs totaled $146.5 billion (1.9%). It explains, "Assets of retail money market funds increased by $1.22 billion to $3.05 trillion. Among retail funds, government money market fund assets increased by $965 million to $1.92 trillion, prime money market fund assets decreased by $1.53 billion to $995.13 billion, and tax-exempt fund assets increased by $1.78 billion to $134.35 billion." Retail assets account for 39.8% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $9.52 billion to $4.62 trillion. Among institutional funds, government money market fund assets increased by $10.33 billion to $4.38 trillion, prime money market fund assets decreased by $792 million to $222.75 billion, and tax-exempt fund assets decreased by $24 million to $12.11 billion." Institutional assets accounted for 60.2% of all MMF assets, with Government Institutional assets making up 94.9% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $50.3 billion to $8.033 trillion month-to-date in December (as of 12/17), this past week they also hit a record high of $8.066 trillion on 12/11. Assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion last December. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
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