Mischler Cash Commentary

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September 11, 2026Record Money Market Fund AUM reached last week (Friday saw outflows into Tax Day). Tax Day and Fed Day this week, with hikes locked in and the full focus of the market. Record cash is not as impressive a sideline vs market cap. Technology cash at a record. The FOMC may need a Ouija board for this meeting: "Hello, Greenspan."
USD money funds reached a record $9.33 trillion as deal cash fuels Technology cash to a record $1 trillion. Corporate tax receipts have been running light YTD and tariff refunds higher, just as Treasury buybacks start and rising defense spending keep bill supply higher than the market expects. Warsh may weigh a 1999-style move. "To have refrained from doing so in our judgment would have put the U.S. economy's expansion at risk." - Greenspan, 1999

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