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RIP Dash-for-Cash

Guess that's why they call it a bull

1. Dow Jones Industrials closed at another all-time high and has traded green in 12 of the last 14 days

2. S&P 500 is on track for its 9th consecutive green week, which would be its longest winning streak in 20 years

What happens after ATH?

Source: Ned Davis

RIP "dash for cash"

Source: EPFR

The MMF ATH

Source: Bloomberg

MMF flows vs recession probabilities

Source: Goldman

When MMF flows revert

Source: Goldman

A "lull" in volatility

Source: BNP Paribas

8 cuts

Source: Goldman

Paying clients