Retail Money Market Funds
Retail money market funds measure assets in funds marketed to individual investors, as distinct from institutional MMFs. Collected weekly by the ICI and published in the Fed's H.6 release, it is a component of M2 and a direct read on how much cash households are holding in safe, liquid investments through brokerage and bank platforms.
Retail MMF assets ($B)
Next release: Sep 22, 2026
Latest reading
As of August 3, 2026, Retail MMF (Retail MMF assets ($B)) stands at $3.01T — down from $3.02T the prior reading, 1.2% below the April 6, 2026 record of $3.05T. Use the 4-week average to filter weekly noise, since large fund flows can distort any single week. Rising retail balances tend to reflect cautious sentiment or attractive MMF yields relative to bank savings rates; retail investors are highly rate-sensitive, so the 2022-24 hiking cycle drove steady inflows past $2 trillion. Retail is roughly a third of total MMF assets, and institutional behavior often diverges. Series history runs from 1993 to present.
Sources, methodology & freshnessLast updated 2026-09-04 · Open ↓Close ↑
Full history
Overview
% of M2
Retail money-fund cash as a share of the M2 money supply — how much of the nation’s spendable money is parked in retail money funds. Normalizes the dollar level for decades of monetary growth; it climbs in risk-off, high-rate regimes (2008, 2020, 2023-24) and bleeds lower when cash rotates back into risk.
Share of total MMF
Retail money funds as a share of all US money-fund assets (retail + institutional). Retail runs around a third of the total; the share rises when households chase money-fund yields faster than institutions. The total comes from the quarterly Z.1, so the denominator updates four times a year.
YoY growth (flows)
Year-over-year change in retail money-fund balances — the flow gauge. Surges above ~25% mark waves of cash hoarding (2008, 2020, 2023); negative readings mark cash rotating out of money funds and back into risk assets or spending.
Methodology & data
Retail MMF is sourced from Fed via the Federal Reserve's FRED service (Federal Reserve/ICI via FRED (WRMFNS), weekly, $ billions). We pull the complete history, chart it on a weekly 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 2026-09-04. 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 Retail Money Market Funds?
Retail money market funds measure assets in funds marketed to individual investors, as distinct from institutional MMFs. Collected weekly by the ICI and published in the Fed's H.6 release, it is a component of M2 and a direct read on how much cash households are holding in safe, liquid investments through brokerage and bank platforms.
How do you read Retail MMF?
Use the 4-week average to filter weekly noise, since large fund flows can distort any single week. Rising retail balances tend to reflect cautious sentiment or attractive MMF yields relative to bank savings rates; retail investors are highly rate-sensitive, so the 2022-24 hiking cycle drove steady inflows past $2 trillion. Retail is roughly a third of total MMF assets, and institutional behavior often diverges.
Where does the Retail MMF data come from?
Federal Reserve/ICI via FRED (WRMFNS), weekly, $ 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/retail-money-market-funds.csv.
How often is Retail MMF updated?
Retail MMF is a weekly series from Fed, refreshed here as soon as a new release posts to FRED.
Retail MMF assets ($B)
Next release: Sep 22, 2026