>>Remember, we are talking about money market money, which is considered cash by many, so it needs to be parked somewhere, but where?<<
For a very short time, there were a lot of lumpy mattresses.
And finally, light is shed on the phrase “Go to the mattresses.”
Actually, you could see what they did in the market: they bought short-term T-bills. They bought them so hard, they drove the yields down to zero, and for a half day or so in October, the yields went negative.
That’s panic, that’s fear. When people who need a place to park millions don’t trust “cash equivalents” and they want the *explicit* “full faith and credit of the US Treasury” - with very high liquidity, they buy US T-bills or US Treasuries.