The money market yield is the annualized holding period yield, assuming a 360-day year. It is used to compare the quoted yield on a T-bill with a yield for interest-bearing money market instruments that pay interest on a 360-day basis.
Other related topics you might be interested to explore are Holding Period Yield, Bank Discount Yield and Effective Annual Yield.
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Money market yield is among the topics included in the Quantitative Methods module of the CFA Level 1 Curriculum.
