London — A flood of money was expected to cascade from US cash funds to riskier assets as interest rates began to tumble. But so far, this flood has been missing in action, raising the question of whether this is a sign of extreme caution, plain inertia or something else.

The brimming bunkers of cash held by US households and companies have never been higher, inflated by monetary and fiscal responses to the pandemic shock and then cosseted by rising interest rates...

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