U.S. Money Market Fund Assets to GDP Ratio (1980–2023)

U.S. money market fund assets (MMF) more than doubled since 2018, with more than half contributed to by major players Fidelity, J.P. Morgan, Vanguard, and Charles Schwab. According to the Office of Financial Research (OFR), MMF fluctuated around $3 trillion from 2010 to mid-2017. MMF began to grow from late 2017 and reached $4 trillion by the end of 2019, sharply rising to $5.3 trillion by May 2020. From mid-2020 to mid-2022, MMF oscillated around $5 trillion. Finally, MMF increased from $5 trillion in mid-2022 to $6.5 trillion in the first quarter of 2024.