The first two retail money market funds to exceed yields of 5% are the Transamerica Premier Cash Reserve Fund, which delivered a seven-day yield of 5.02% for the week ended July 10, and the TIAA-CREF Money Market Fund, which yielded 5.01% in that period, according to data from iMoneyNet.

However, a number of institutional money market funds, led by Credit Suisse Institutional Money Market Fund at 5.24%, are already above 5%.

Retail money market funds are beginning to reflect the increase in the Fed funds target rate of 5.25%, explained Connie Bugbee, managing editor of iMoneyNet. Eight other funds look poised to exceed 5% because they're in the 4.9% range.

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