Total assets in money market funds have hit a new record high, according to the latest data from the Investment Company Institute.
The funds, which still have yields above 5%, saw total assets hit $6.06 trillion for the week ended Feb. 28, the firm said .
While some on Wall Street think some of the cash in money markets will move into stocks, Crane has said there is no correlation between the two.
Instead, money markets are competing with bank deposits, he believes.
The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.14%.
Persons:
Peter Crane, January's, Moody's, Crane, Teresa Ho
Organizations:
Investment Company Institute, New York Community Bancorp, Crane, New, New York Community, Fitch, JPMorgan, CNBC
Locations:
New, New York