Investors are considering investing nearly $6 trillion in cash on the sidelines to boost assets, as the Federal Reserve’s response to rising inflation has led to a surge in money market fund assets.

The total money market fund assets reached a record $5.9 trillion on December 6, according to the Investment Company Institute.

However, the dovish Fed reversal may have changed this calculus, as if borrowing rates fall in 2024, yields will decrease, potentially causing some investors to buy stocks and riskier investments and others to buy longer-term bonds for yields.

BlackRock data shows that cash has returned 4.5% in the year following the Fed’s last rate hike, while U.S. equities and investment grade debt have seen returns of 24.3% and 13.6% respectively.