Money Market Fund Holdings of Agency Debt

## What this measures

U.S. money market funds' holdings of agency securities, $ billions, month-end. Compiled by the OFR from the funds' monthly SEC Form N-MFP filings.

## Why it matters

Money market funds are the largest cash lenders in short-term markets. Where they put their money (Treasury bills, bank repo, the Fed's reverse repo facility) shows how cash is moving through the system.

## How to read it

Read month-to-month changes and the mix: a shift from Fed repo into Treasury bills means the market is absorbing more debt.

## What it does not say

Month-end snapshots; holdings swing around quarter-ends. Government and prime funds are combined.

## Source

Office of Financial Research, Short-term Funding Monitor (MMF-MMF_AG_TOT-M). Public domain.