Record Cash Pile Limits Stock Declines, May Fuel Further Rally
• Record $5.9 trillion in cash sitting in money market funds due to high interest rates
• Large cash pile expected to support stock market, limiting declines
• Minor pullbacks in coming months likely to be short-lived
• Cash could fuel market rally further if deployed in new year after rebalancing
• Growing cash suggests optimism not as frothy as records suggest despite market highs