Money Market Fund Assets (Total)
This series tracks the total financial assets held across all US money market funds — government, prime, and tax-exempt — from the Federal Reserve's quarterly Z.1 Financial Accounts. It is the broadest measure of the MMF industry, often read as "dry powder": cash parked in safe, liquid instruments that could rotate into riskier assets.
MMF Assets YoY %
- Total assets ($)
- $8.44T
Next release: Dec 10, 2026
Latest reading
As of Q2 2026, MMF Assets (MMF Assets YoY %) stands at 12.8% — up from 12.1% the prior reading, 29.5 pp below the Q1 2008 record of 42.4%. After inflation, the latest reading is a record too: $8.53T in September 2026 dollars (Q2 2026), higher than any earlier reading since 1993. The year-over-year growth rate is the cleaner signal here than the raw level. Rising assets can mean either risk aversion (flight to safety) or simply that high short-term yields make MMFs more attractive than bank deposits; falling assets often accompany risk-on rotation into stocks and bonds. Assets pushed past $7 trillion in 2024-25 on high rates, echoing earlier stress-driven peaks in 2008 and 2020. Series history runs from 1993 to present.
Sources, methodology & freshnessFederal Reserve Z.1 via FRED (MMMFFAQ027S), quarterly, $ billions · Quarterly, with every releaseData as of 2026-04-01 · Open ↓Close ↑
Full history
Year-over-year %
Assets level ($)
Total assets held in US money-market funds, in dollars — cash on the sidelines. It climbs when investors flee risk or when short-term rates are attractive.
Real assets (September 2026 dollars)
Total money market fund assets restated in September 2026 dollars, so every past reading buys the same basket as today. Quarterly readings use the average CPI of their quarter.
Deflated by CPI-U (BLS), matched by month; the latest months appear once CPI is published.
Methodology & data
MMF Assets is sourced from Fed via the Federal Reserve's FRED service (Federal Reserve Z.1 via FRED (MMMFFAQ027S), quarterly, $ billions). We pull the complete history, chart it on a quarterly basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date. Latest observation 2026-04-01; site refreshed 2026-10-22. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the Money Market Fund Assets (Total)?
This series tracks the total financial assets held across all US money market funds — government, prime, and tax-exempt — from the Federal Reserve's quarterly Z.1 Financial Accounts. It is the broadest measure of the MMF industry, often read as "dry powder": cash parked in safe, liquid instruments that could rotate into riskier assets.
How do you read MMF Assets?
The year-over-year growth rate is the cleaner signal here than the raw level. Rising assets can mean either risk aversion (flight to safety) or simply that high short-term yields make MMFs more attractive than bank deposits; falling assets often accompany risk-on rotation into stocks and bonds. Assets pushed past $7 trillion in 2024-25 on high rates, echoing earlier stress-driven peaks in 2008 and 2020.
Where does the MMF Assets data come from?
Federal Reserve Z.1 via FRED (MMMFFAQ027S), quarterly, $ billions. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/money-market-funds.csv.
How often is MMF Assets updated?
MMF Assets is a quarterly series from Fed, refreshed here as soon as a new release posts to FRED.
MMF Assets YoY %
- Total assets ($)
- $8.44T
Next release: Dec 10, 2026