Just hit a major milestone – US money-market fund assets have climbed to an all-time high of $7.67 trillion. That's a serious number.

Why should this matter to anyone paying attention to markets? Money-market funds are basically where institutions and investors park cash when they want safety and short-term returns. When these funds swell to record levels, it signals something important about how capital is flowing through the financial system.

You're looking at massive amounts of dry powder sitting on the sidelines. This kind of cash buildup typically reflects either uncertainty (people pulling out of riskier assets) or tactical positioning (waiting for better entry points). Could be both.

Historically, when money-market assets reach peaks like this, it creates interesting dynamics across markets – equities, bonds, even alternative assets feel the ripple effects. Fund managers holding all that cash have to do something with it eventually. That's when things get interesting.

Worth keeping tabs on this metric if you're trying to read where the smart money is actually moving, not just where it says it's moving.