Ok, we all watched this play out over the past few years: as cash yields rose, the money started flowing. And did it ever. Billions and trillions flowed into various cash vehicles from GICs, HISAs, and money market funds. Now as yields available in cash vehicles come down, is there a line in the sand that will see inflows slow or even start to exit? As it was high yields that enticed the inflows, if they fall down to 4% or 3.5% or even 3.0%, will we start to see outflows? And where will that money go? We believe it really depends on where the money originally came from that could dictate its next destination.

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