From January 2020 through January 2025, the value of money market funds under management in the United Kingdom (UK) remained relatively stable aside from one notable spike in value in October 2022, by January 2023, however, the spike had subsided, and fund levels had fallen below ** million British pounds.

How are money market yields linked to inflation? The money market yields are influenced by inflation expectations. When inflation expectations rise, investors typically demand higher nominal yields to offset the anticipated decline in purchasing power. Market sentiment regarding inflation is reflected in these yields, which act as indicators for both investors and policymakers. The inflation rate for the Consumer Price Index (CPI) in the United Kingdom went from under *** percent in March 2021 to a high of **** percent in October 2022. Although inflation declined to *** percent in October 2023, it remained well above the levels seen before 2021. Consequently, a significant increase in money market yields was observed. Beginning in 2022, the monthly average yields from the British government bonds continued to rise until they reached their peak in mid-2023, indicating higher inflation expectations.

What is LIBOR? The London Interbank Offered Rate, or LIBOR, is a benchmark interest rate that reflects the average interest rate at which major global banks lend to each other in the interbank market. It is used to establish interest rates for financial instruments such as adjustable-rate mortgages, business loans, and derivatives. The six-month overnight London Interbank Offered Rate based on the British pound increased month by month from 2022 onwards, reaching its peak in March 2023 at **** percent. This increase in borrowing costs has a ripple effect throughout the financial system, which means higher interest rates for businesses and consumers overall.

This table contains 39 series, with data for starting from 1991 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Financial market statistics (39 items: Government of Canada Treasury Bills, 1-month (composite rates); Government of Canada Treasury Bills, 2-month (composite rates); Government of Canada Treasury Bills, 3-month (composite rates);Government of Canada Treasury Bills, 6-month (composite rates); ...).

Graph and download economic data for Other Financial Corporations and Money Market Funds; Interest Paid (IMA), Transactions (BOGZ1FA856130005A) from 2001 to 2023 about paid, MMMF, finance companies, IMA, companies, finance, transactions, financial, interest, and USA.

The market size of Money Market Funds is valued at XXX million in 2025, and is projected to grow at a CAGR of XX% from 2025 to 2033. The increasing demand for short-term investment options, along with the growth in institutional investors, is expected to drive the market growth. The market is segmented into applications (Personal Finance, Liquidity Management for Institutions), types (Retail MMFs, Institutional MMFs, Government MMFs), and regions (North America, Europe, Asia Pacific, South America, Middle East & Africa). Factors such as the low interest rate environment, the increasing popularity of online banking, and the growing demand for short-term investment options are expected to contribute to the market growth. North America and Europe are expected to hold the largest market shares, while the Asia Pacific region is expected to witness the highest growth rate during the forecast period. Key players in the market include Tianhong Fund, E Fund, China Universal Fund, Southern Fund, GF Fund, China Asset Management, Bosera Fund, Harvest Fund, Wells Fargo Fund, ICBC Credit Suisse Fund, Yinhua Fund, Penghua Fund, China Merchants Fund, CCB Fund, China Industrial Securities Global Fund, Vanguard, Fidelity, Capital Research & Management, BlackRock Fund, Pacific, Franklin, T Rowe Price, and Principal. This report provides a comprehensive overview of the global money market funds industry, including market size, share, trends, segmentation, competitive landscape, and key country analysis. The report also provides insights into the key factors driving the market growth, challenges and restraints, emerging trends, and growth catalysts.

Graph and download economic data for Other Financial Corporations and Money Market Funds; Interest Received (IMA), Transactions (BOGZ1FA856130105A) from 2001 to 2023 about receivables, MMMF, finance companies, IMA, companies, finance, transactions, financial, interest, and USA.

As of July 22, 2025, the yield for a ten-year U.S. government bond was 4.38 percent, while the yield for a two-year bond was 3.88 percent. This represents an inverted yield curve, whereby bonds of longer maturities provide a lower yield, reflecting investors' expectations for a decline in long-term interest rates. Hence, making long-term debt holders open to more risk under the uncertainty around the condition of financial markets in the future. That markets are uncertain can be seen by considering both the short-term fluctuations, and the long-term downward trend, of the yields of U.S. government bonds from 2006 to 2021, before the treasury yield curve increased again significantly in the following years. What are government bonds? Government bonds, otherwise called ‘sovereign’ or ‘treasury’ bonds, are financial instruments used by governments to raise money for government spending. Investors give the government a certain amount of money (the ‘face value’), to be repaid at a specified time in the future (the ‘maturity date’). In addition, the government makes regular periodic interest payments (called ‘coupon payments’). Once initially issued, government bonds are tradable on financial markets, meaning their value can fluctuate over time (even though the underlying face value and coupon payments remain the same). Investors are attracted to government bonds as, provided the country in question has a stable economy and political system, they are a very safe investment. Accordingly, in periods of economic turmoil, investors may be willing to accept a negative overall return in order to have a safe haven for their money. For example, once the market value is compared to the total received from remaining interest payments and the face value, investors have been willing to accept a negative return on two-year German government bonds between 2014 and 2021. Conversely, if the underlying economy and political structures are weak, investors demand a higher return to compensate for the higher risk they take on. Consequently, the return on bonds in emerging markets like Brazil are consistently higher than that of the United States (and other developed economies). Inverted yield curves When investors are worried about the financial future, it can lead to what is called an ‘inverted yield curve’. An inverted yield curve is where investors pay more for short term bonds than long term, indicating they do not have confidence in long-term financial conditions. Historically, the yield curve has historically inverted before each of the last five U.S. recessions. The last U.S. yield curve inversion occurred at several brief points in 2019 – a trend which continued until the Federal Reserve cut interest rates several times over that year. However, the ultimate trigger for the next recession was the unpredicted, exogenous shock of the global coronavirus (COVID-19) pandemic, showing how such informal indicators may be grounded just as much in coincidence as causation.

Mutual Funds Sales Market Outlook

As of 2023, the global mutual funds sales market size stands at approximately $56 trillion, with expectations to surpass $80 trillion by 2032, driven by a compound annual growth rate (CAGR) of 4.1%. The primary growth factors include increased investor awareness, technological advancements in financial services, and the rise of the middle-income population, particularly in emerging markets. This remarkable growth trajectory underscores a robust demand for diverse investment vehicles that cater to varying risk appetites and financial goals.

One of the pivotal growth factors for the mutual funds sales market is the increasing financial literacy and awareness among individuals globally. As more people become knowledgeable about financial planning and investment strategies, mutual funds have emerged as an appealing option due to their diversified risk profiles and potential for higher returns compared to traditional savings accounts. Governments and financial institutions are also playing a significant role by promoting financial education initiatives, which are further driving the adoption of mutual funds among retail investors.

Technological advancements and digital transformation in the financial services sector are also critical growth drivers. The rise of fintech platforms has streamlined the process of buying and managing mutual fund investments, making it more accessible and convenient for investors. Online platforms and mobile applications provide real-time data, personalized investment advice, and easy transaction processes, thus attracting a broader audience. These technological innovations are particularly resonating with younger, tech-savvy investors who prefer managing their investments digitally.

Another significant factor contributing to the market's growth is the economic development in emerging markets, particularly in the Asia Pacific and Latin America regions. The growing middle-income population in these regions is increasingly looking for investment opportunities that offer better returns than traditional savings. With increasing disposable income, more individuals are willing to invest in mutual funds to achieve their financial goals, such as retirement planning, education, and wealth accumulation. This trend is further bolstered by the improving regulatory frameworks and the expansion of financial services in these regions.

Regionally, North America continues to dominate the mutual funds sales market, accounting for a significant share due to its mature financial markets and high investor participation rates. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, driven by rapid economic development, increasing financial inclusion, and technological advancements in the financial services sector. Europe, Latin America, and the Middle East & Africa also present significant growth opportunities, albeit at a slower pace compared to the Asia Pacific.

Fund Type Analysis

The mutual funds sales market can be segmented by fund type into equity funds, bond funds, money market funds, hybrid funds, and others. Each of these fund types caters to different risk appetites and investment goals, providing investors with a range of options to choose from. Equity funds, which invest primarily in stocks, are popular among investors seeking higher returns over the long term, despite their higher risk. As of 2023, equity funds constitute a substantial portion of the market, driven by bullish stock markets and investor optimism.

Bond funds, which invest in government and corporate bonds, appeal to risk-averse investors seeking stable income. These funds are less volatile compared to equity funds and provide regular interest income, making them attractive during periods of economic uncertainty. The demand for bond funds is expected to remain steady, supported by an aging population that prefers lower-risk investments and the need for income-generating assets in a low-interest-rate environment.

Money market funds, known for their high liquidity and safety, invest in short-term, high-quality debt instruments. These funds are ideal for investors looking for a safe place to park their money temporarily or those who need quick access to their funds. The market for money market funds has seen significant growth due to the ongoing economic uncertainties and the tendency of investors to seek safe-haven assets.

Hybrid funds, which combine elements of both equity and bond funds, offer a balanced approa

Please refer to: https://data.imf.org/en/news/accessing%20international%20financial%20statistics

The global money market fund sales market is experiencing robust growth, driven by factors such as increasing investor preference for low-risk, liquid investments and the ongoing need for short-term cash management solutions. The market's size in 2025 is estimated at $5 trillion, reflecting a significant expansion from previous years. A Compound Annual Growth Rate (CAGR) of 7% is projected for the forecast period (2025-2033), indicating sustained market expansion. Key growth drivers include rising global interest rates, which enhance the attractiveness of money market funds, and the increasing demand for alternative investment options amidst economic uncertainty. Furthermore, the adoption of digital platforms and fintech solutions is streamlining the investment process, attracting a broader range of investors. Regulatory changes and concerns about market volatility are potential restraints, but the overall market outlook remains positive. The competitive landscape is dominated by a diverse range of major players, including BlackRock, Vanguard, UBS Group, Fidelity Investments, and many others, all vying for market share through innovative product offerings, enhanced technology solutions, and strategic acquisitions. Regional variations in growth are expected, with North America and Europe maintaining significant market shares. However, emerging economies in Asia and Latin America are also anticipated to exhibit strong growth potential, driven by rising disposable incomes and increasing financial literacy. The long-term outlook for the money market fund sales market suggests consistent growth, powered by sustained demand and an evolving investment landscape. The market will likely see further consolidation and competition among major players as the market continues to mature.

The global money market fund sales market is experiencing robust growth, driven by increasing demand for short-term, low-risk investment options. The market, estimated at $5 trillion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching approximately $9 trillion by 2033. This growth is fueled by several factors, including rising interest rates (which boost returns for money market funds), a preference for liquidity among investors, and regulatory changes aimed at enhancing the stability and transparency of these funds. Prime Money Funds and Government Money Funds dominate the market based on type, while Direct Sales currently represent the largest share of the application segment. The North American market, particularly the United States, holds a significant share of the global market, driven by its robust financial infrastructure and high investor participation. However, emerging markets in Asia-Pacific are witnessing rapid growth, fueled by increasing disposable incomes and rising financial literacy. Competition within the money market fund industry is fierce, with major players such as BlackRock, Vanguard, Fidelity Investments, and others vying for market share. These firms leverage their extensive distribution networks, brand recognition, and technological capabilities to attract investors. Despite the overall positive outlook, the market faces certain challenges, including potential interest rate volatility impacting fund returns, increased regulatory scrutiny to ensure investor protection, and the emergence of alternative short-term investment vehicles. The growth trajectory will likely be influenced by macroeconomic factors such as inflation, economic growth, and global financial stability. Further segmentation analysis into specific product offerings within each fund type and geographic region would offer a more granular view of market dynamics and competitive landscapes.

The global money market fund sales market is experiencing robust growth, driven by increasing demand for short-term, low-risk investment options. Let's assume, for illustrative purposes, a 2025 market size of $5 trillion and a compound annual growth rate (CAGR) of 6% for the forecast period 2025-2033. This implies a market size exceeding $8 trillion by 2033. Several factors contribute to this expansion, including rising interest rates offering better yields, the increasing preference for liquid assets among both institutional and retail investors, and regulatory changes aimed at enhancing market stability and transparency. The market segmentation reveals strong performance across various fund types, with prime money funds and government money funds commanding significant market shares. Sales channels are also diversifying, with both direct and indirect sales strategies contributing to market growth. Geographic analysis indicates that North America and Europe currently dominate the market, but regions like Asia-Pacific are showing significant growth potential, fueled by expanding economies and rising investment activity. However, persistent geopolitical uncertainty and potential economic downturns represent key restraints that could impact the market's trajectory in the coming years. The competitive landscape is highly concentrated, with major global players such as BlackRock, Vanguard, UBS Group, and Fidelity Investments holding significant market share. These firms benefit from extensive distribution networks, strong brand recognition, and sophisticated investment management capabilities. Smaller players are likely focusing on niche strategies, specializing in specific fund types or geographic regions to compete effectively. Future growth will depend on these firms' ability to adapt to evolving regulatory frameworks, incorporate innovative technologies, and meet the changing needs of a diverse investor base. Successful companies will leverage data analytics and personalized services to cater to specific investor preferences and risk tolerances. The emergence of new technologies like fintech platforms could further transform the sales landscape, offering greater access and efficiency for both investors and fund managers.

This table contains 71 series, with data starting from 1934 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Rates (71 items: Bank rate; last Tuesday or last Thursday; Bank rate; Chartered bank administered interest rates - prime business; Chartered bank - consumer loan rate ...).

Philippines Money Market: WAIR: Commercial Papers: Financial data was reported at 6.024 % pa in Sep 2018. This records an increase from the previous number of 4.488 % pa for Aug 2018. Philippines Money Market: WAIR: Commercial Papers: Financial data is updated monthly, averaging 3.194 % pa from Feb 1994 (Median) to Sep 2018, with 122 observations. The data reached an all-time high of 17.652 % pa in Feb 1994 and a record low of 0.000 % pa in Dec 2014. Philippines Money Market: WAIR: Commercial Papers: Financial data remains active status in CEIC and is reported by Bangko Sentral ng Pilipinas. The data is categorized under Global Database’s Philippines – Table PH.M003: Money Market Instruments: Weighted Average Interest Rate (WAIR).

Revenue for the Open-End Investment Funds industry has been increasing over the past five years. Open-end investment funds revenue has been growing slightly but remaining relatively steady at a CAGR of 0.0% to $196.1 billion over the past five years, including an expected increase of 4.2% in the current year. In addition, industry profit has climbed and comprises 33.1% of revenue in the current year. Overall, revenue has been increasing alongside overall asset growth, despite operators being forced to lower fees to meet shifting consumer preferences. The industry has encountered volatility due to the high-interest rate environment for most of the period. Higher interest rates reduce liquidity and make fixed income securities more attractive to investors due to less risk and more predictable interest payments. The industry has also encountered increased growth for ETFs and retail investors. The greatest shift in the industry has been an evolving investor preference for exchange-traded funds (ETFs). While mutual funds account for the majority of industry assets, growth in ETF assets has significantly outpaced that of mutual funds. Expenses that mutual fund investors incur have fallen from 0.5% of assets in 2018 to 0.4% in 2023, as industry operators have cut fees to attract new capital due to pressure from new funds (latest data available). Despite the high interest rate environment, the Fed slashed rates in 2024 and is anticipated to cut rates further in the latter part of 2025, which will boost asset prices. Open-end investment funds' revenue is expected to grow at a CAGR of 0.3% to $198.7 billion over the five years to 2030. The fears over inflation and a possible recession are expected to dominate the beginning of the outlook period. The Federal Reserve is expected to continue cutting interest rates as inflationary pressures ease. Investment companies' importance will continue to grow, with mutual funds and ETFs representing key channels for individual and institutional investors to access financial markets.

Indonesia Money Market: Rupiah: Interbank Money Market Weighted Average Interest Rate: Overnight data was reported at 5.726 % in Feb 2025. This records a decrease from the previous number of 5.929 % for Jan 2025. Indonesia Money Market: Rupiah: Interbank Money Market Weighted Average Interest Rate: Overnight data is updated monthly, averaging 4.959 % from Jan 2013 (Median) to Feb 2025, with 146 observations. The data reached an all-time high of 6.305 % in Aug 2024 and a record low of 2.785 % in Jan 2022. Indonesia Money Market: Rupiah: Interbank Money Market Weighted Average Interest Rate: Overnight data remains active status in CEIC and is reported by Bank Indonesia. The data is categorized under Indonesia Premium Database’s Monetary – Table ID.KAI019: Financial System Statistics: Money Market Sector.

Graph and download economic data for Money Market Funds; Total Financial Assets, Transactions (MMMFTAQ027S) from Q4 1946 to Q1 2025 about MMMF, IMA, transactions, financial, assets, and USA.

Indonesia Money Market: Rupiah: Yield Of Sharia Interbank Money Market Instruments data was reported at 5.928 % in Mar 2025. This records an increase from the previous number of 5.826 % for Feb 2025. Indonesia Money Market: Rupiah: Yield Of Sharia Interbank Money Market Instruments data is updated monthly, averaging 4.417 % from Jan 2013 (Median) to Mar 2025, with 147 observations. The data reached an all-time high of 6.347 % in Sep 2024 and a record low of 1.110 % in Aug 2021. Indonesia Money Market: Rupiah: Yield Of Sharia Interbank Money Market Instruments data remains active status in CEIC and is reported by Bank Indonesia. The data is categorized under Indonesia Premium Database’s Monetary – Table ID.KAI019: Financial System Statistics: Money Market Sector.

Since its introduction in October 2019, the Euro Short-Term Rate (€STR) has remained constant at between -0.51 and -0.59 percent until the second half 2022. Since then, it increased, peaking at 3.9 between the end of 2023 and the beginning of 2024. As of January 2025, the rate stood at 2.92 percent. The €STR is an interest rate benchmark designed to replace the Euro OverNight Index Average (EOIA), adopting a different calculation methodology that returns significantly lower rates. It is intended that the EOIA will be discontinued from January 3, 2022. How is the Euro Short-Term Rate calculated? The €STR uses transaction data included in daily reporting on monetary exchanges from the 52 largest eurozone banks to calculate the average interests rate attached to loans throughout a business day. Only unsecured loans are included, as the rate on secured loans would be affected by the type of underlying collateral. Several key respects distinguish the €STR from alternative benchmarks like the EOIA, and the London Intrabank Offered Rate (LIBOR). First, the €STR is based on transaction data alone, whereas the LIBOR asking major banks directly what rate they would charge other banks for short terms loans. The second main difference is that, by considering money market transactions rather than only intrabank lending (like the EOIA and LIBOR), the €STR incorporates the role of other major actors like money market funds, insurance companies, and other financial corporations. Difference between €STR and EURIBOR The Euro Interbank Offered Rate (EURIBOR) is the other main reference interest rate governing eurozone lending. The EURIBOR differs from €STR though as it is based on a survey of the interest rates a panel of major banks would offer other major banks for interbank term deposits. There are therefore different reference rates published for different maturities, for example the EURIBOR one month rate, the EURIBOR six month rate, and the EURIBOR 12 month rate. In contrast, the €STR is intended to track the cost of overnight borrowing.

China Policy Financial Bond Yield: Interbank: Yield to Maturity: 12 year data was reported at 3.779 % pa in Jul 2020. This records an increase from the previous number of 3.526 % pa for Jun 2020. China Policy Financial Bond Yield: Interbank: Yield to Maturity: 12 year data is updated monthly, averaging 4.222 % pa from Jul 2008 (Median) to Jul 2020, with 145 observations. The data reached an all-time high of 5.856 % pa in Jan 2014 and a record low of 3.152 % pa in Apr 2020. China Policy Financial Bond Yield: Interbank: Yield to Maturity: 12 year data remains active status in CEIC and is reported by National Interbank Funding Center. The data is categorized under China Premium Database’s Money Market, Interest Rate, Yield and Exchange Rate – Table CN.MF: NIFC: Policy Financial Bond Yield: Yield to Maturity.

In 2024, ** percent of adults in the United States invested in the stock market. This figure has remained steady over the last few years, and is still below the levels before the Great Recession, when it peaked in 2007 at ** percent. What is the stock market? The stock market can be defined as a group of stock exchanges, where investors can buy shares in a publicly traded company. In more recent years, it is estimated an increasing number of Americans are using neobrokers, making stock trading more accessible to investors. Other investments A significant number of people think stocks and bonds are the safest investments, while others point to real estate, gold, bonds, or a savings account. Since witnessing the significant one-day losses in the stock market during the Financial Crisis, many investors were turning towards these alternatives in hopes for more stability, particularly for investments with longer maturities. This could explain the decrease in this statistic since 2007. Nevertheless, some speculators enjoy chasing the short-run fluctuations, and others see value in choosing particular stocks.