Since the Fed started raising interest rates in March 2022, ...

Since the Fed started raising interest rates in March 2022, money market funds have seen massive inflows.
Total assets held in money market fund went from $4.5 trillion to $6 trillion in 2 years, a 33% increase.
Now, the Fed is expected to begin cutting interest rates.
With record levels of capital on the sidelines, we could see a widespread rotation out of these money market funds.
If this capital goes back into the equity market, the recent run is far from over.
Never has there been more capital on the sidelines.