Bloomberg published an "Opinion piece last night, entitled, "Cash Is King Because It Finally Pays Something." It comments, "It's tempting to look at the wave of cash spilling into U.S. money-market funds and conclude that investors are sheltering themselves from political and economic turmoil around the globe. After all, the short-term debt funds experienced one of the largest inflows since the financial crisis in the week through June 6, bringing total money-market assets up to an eight-year high of $2.9 trillion, according to Investment Company Institute data. For U.S. government money funds in particular, the assets reached a record $2.27 trillion. So, why the rush to cash? Simple: It pays more than it has in years. And there's nothing to suggest that's going to change soon.... Naturally, money-market funds will also be sought for safety once that happens, given that recessions tend to follow not too long after inversion. Indeed, as the curve went from negative to sharply positive in 2007, money-market assets soared by $790 billion to $3.16 trillion. They'd peak a year later at $3.92 trillion. By that point, three-month bill rates had fallen to zero, from 5 percent at the start of 2007. Those rates would remain near zero for seven years. So it's understandable why the prospect of a positive real return is downright thrilling for risk-averse investors."

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