Subject: Cash 2x Float
For the first time cash & T-bills ($354B) is now more than twice the float ($176B).

Including all the fixed income:

Year Cash+Fixed/Float
2010 105%
2011 92%
2012 100%
2013 94%
2014 101%
2015 99%
2016 102%
2017 109%
2018 105%
2019 111%
2020 113%
2021 109%
2022 92%
2023 111%
2024 195%
2025 211%