BofA’s Hartnett: $166.4B Poured Into Money Funds in One Week, Most Since April 2020

The striking part is not the record cash pile but the condition attached to it: Hartnett's framing makes money funds a rate-cycle trade, not a fear gauge, so the cash sits until policy turns decisively. That matters most for risk assets that have been priced on the assumption of eventual deployment. The near-term signal is the shift in rate expectations toward December rather than late October, which pushes the pivot question further out. Whether the inflows keep building at this pace, and whether easing expectations firm, is the open question.