SPY & Money Market Funds (Total)
Total financial assets held by money market mutual funds, measuring the aggregate size of the MMF industry.
SPY Price
Total Money Market Fund Assets
MMF Year-over-Year Growth
What It Measures
Money Market Funds Total Financial Assets measures the aggregate value of all assets held by U.S. money market mutual funds. This includes: - **Government MMFs**: Invest primarily in U.S. government securities and repos - **Prime MMFs**: Invest in short-term corporate debt, commercial paper, and bank CDs - **Tax-Exempt MMFs**: Invest in municipal securities The data comes from the Federal Reserve's Z.1 Financial Accounts of the United States (Flow of Funds).
Why It Matters
**Cash Indicator**: MMF assets represent "dry powder" - cash on the sidelines that could flow into riskier assets. **Flight to Safety**: During market stress, investors often move money into MMFs, causing assets to spike. **Interest Rate Sensitivity**: High interest rates make MMFs more attractive vs bank deposits, driving inflows. **Liquidity Measure**: Shows overall liquidity preference of investors and institutions.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)
MMF Total: MMMFFAQ027S - Money Market Funds (Total) from Federal Reserve
Units: , ,