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.
Latest reading
As of October 2025, MMF Assets (MMF Assets YoY %) stands at 13.1% — down from 13.7% the prior reading. 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.
MMF Assets YoY %
Next release: Jun 11, 2026
Full history
How to read it
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.
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, last updated 2026-06-09. See our methodology for the standards every series on the site is held to.
- Category
- Money & Credit
- Frequency
- Quarterly
- Source
- Fed
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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.