CONVEX
Last updated
▍ STATISTICAL PROJECTION · YEAR-END 2026
Central Estimate
4,454.1
-2.3% vs current 4,561.24
68% Range (±1σ)
4,433.14 to 4,475.05
95% Range (±1.96σ)
4,413.03 to 4,495.17
Central estimate uses the unconditional 25-year historical average because current regime buckets had insufficient observations to produce a reliable blend.
METHOD: CENTRAL = SAMPLE-WEIGHTED MEAN OF PER-ANCHOR CURRENT-REGIME 1Y AVERAGES, SCALED TO 170-DAY HORIZON. BAND = ±σ√T USING 0.6% ANNUALIZED REALIZED VOL.
EXPECTED TO BE 4,454.1 BY 2026-12-31 (LOWER FROM 4,561.24 ON 2026-04-29). NOT INVESTMENT ADVICE.
▍ MODEL · STATISTICAL FORECAST · 2026

MMF Assets (Institutional) Forecast 2026

Quantitative analysis from 3 observations of MMF Assets (Institutional) history, joined to four universal macro regime classifications. Numbers are computed, not narrated.

ByConvex Research Desk·Edited byBen Bleier·
ICI-MMF-INSTITUTIONAL · LAST
4,561.24
AS OF 2026-04-29
Percentile · 25Y History
0.0th

Performance by Window[02]

WINDOWNANN RETANN VOLRET/VOLHIT %TOTAL
1Y3-3.48%0.56%-6.230.0%-0.18%
3Y3-3.48%0.56%-6.230.0%-0.18%
5Y3-3.48%0.56%-6.230.0%-0.18%
10Y3-3.48%0.56%-6.230.0%-0.18%
All3-3.48%0.56%-6.230.0%-0.18%

Annualized total return = (1 + total)^(1/years) - 1. Ret/Vol is the annualized return divided by annualized volatility (Sharpe-equivalent without risk-free subtraction). Hit % = pct of single periods that were positive.

Where We Are Now[03]

Percentile Rank
0.0th
4561.24median 4567.794569.33
Current value 4561.2400 on a 3-observation history going back to Apr 29, 2026.

Worst Historical Drawdown[07]

-0.18%PEAK-TO-TROUGH
Peak Apr 15, 2026 → trough Apr 29, 2026. Has not yet recovered to prior peak.
All-time high: 4569.3300 on Apr 15, 2026 · Current DD from ATH: -0.18%

Largest Single-Period Moves[09]

▲ Up
  • Apr 22, 2026-0.03%
  • Apr 29, 2026-0.14%
▼ Down
  • Apr 29, 2026-0.14%
  • Apr 22, 2026-0.03%

Calendar-Month Seasonality[10]

Average single-period return aggregated by the calendar month in which the period ended.

MONTHAVG RETURNHIT %N
April-0.09%0.0%2

N = 3 OBS · GENERATED 2026-05-03 08:00Z

Forecast Approach

regime implied: The current macro regime classification (Goldilocks, Reflation, Stagflation, or Deflation) dictates the expected direction and magnitude of movement, calibrated against historical regime performance.

Key Drivers & Risks

  • Macro regime
  • Monetary policy
  • Risk appetite

Historical Volatility

Moderate

Frequently Asked Questions

What factors could push MMF Assets (Institutional) higher?

The primary drivers that tend to lift MMF Assets (Institutional) depend on the current macro regime. Institutional share of total money market fund assets; corporate treasurers and large asset allocators move faster than retail and dominate quarter-end cash cycles. Convex tracks these drivers live across the Money Market Fund Flows category and flags when multiple forces align in the same direction. See the "Key Drivers & Risks" section on this page for the current list, and check the regime dashboard for how the macro backdrop is currently tilted.

What factors could push MMF Assets (Institutional) lower?

The same transmission channels that drive MMF Assets (Institutional) higher operate in reverse when conditions flip. The risk drivers listed above map directly to scenarios that, if triggered, would pull this metric in the opposite direction. Convex aggregates these into a scenario-weighted probability distribution rather than a point forecast, so the magnitude depends on which scenarios activate.

Where does consensus see MMF Assets (Institutional) heading?

Rather than publish a point target that goes stale the day after release, Convex assembles consensus from the macro regime classification, active scenario probabilities, and historical base rates. Point forecasts from banks and strategists are worth reading for context, but they typically cluster around the consensus and miss the tail events that actually move markets. The scenario-weighted approach here captures that tail risk explicitly.

What is the historical range for MMF Assets (Institutional)?

Historical ranges for MMF Assets (Institutional) vary dramatically by regime. A level that is extreme in Goldilocks can be routine in Stagflation, and vice versa. The Historical Volatility section on this page describes the typical range and regime-specific behavior. For the full multi-decade history, visit the MMF Assets (Institutional) chart page, which includes selectable time ranges up to five years and downloadable data.

How often is the MMF Assets (Institutional) forecast updated?

This forecast page recalculates whenever the underlying data or regime classification changes, typically within hours of new data releases. The scenario probabilities refresh daily as the macro state is regenerated. Specific drivers listed on this page reflect the current state of the Convex regime engine, not static historical assumptions.

Is this forecast actionable for trading?

Convex forecasts are informational and educational. They describe probability distributions and regime-conditional paths rather than specific entry and exit levels. Traders and portfolio managers use them alongside other inputs including position sizing rules, risk management, and their own conviction calibration. They are not investment advice.

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Forecasts are model-based projections derived from current regime classification, scenario probabilities, and historical patterns. They are not investment advice. All investments involve risk.