$70 Billion Runs To Cash Amid Macro, Policy Ambiguity

Cash is king. For once, that's not just a tired cliché to describe risk aversion. As discussed in these pages on too many occasions to count this year, there's no obvious reason why anyone without a mandate stipulating otherwise shouldn't be in T-Bills. Well, unless you count the prospect of delayed payments associated with a hypothetical, technical US default, but that's another story. USD cash proxies are yielding 5% (or more, if you're willing to assume the stress around Treasury's so-call