[Bank of America strategist says investors are pouring into cash funds, and the currency holding trend is difficult to change before the Fed cuts interest rates] On October 9, Bank of America strategist Michael Hartnett said that investors are pouring money into cash funds at the fastest rate since the epidemic, and it is unlikely to change in the short term. Hartnett wrote in a report on Friday that the large amount of cash sitting on the sidelines is expected to remain unchanged until the Fed implements "massive monetary easing" and continues to cut interest rates. In the week ended October 7, money market funds attracted $166.4 billion, the highest level since April 2020. "There will be no reduction in cash without a rate cut," Hartnett wrote. The bond market currently expects the United States to raise interest rates three more times by the end of July next year, with the next one expected to be at the December meeting. Harnett writes that a sharp decline in cash holdings usually accompanies large-scale monetary easing.