Minimal impact (probably). Most money in VC has an extremely long duration (e.g., pensions, endowments), so investing it in ultra-short-term assets is not a des

Minimal impact (probably). Most money in VC has an extremely long duration (e.g., pensions, endowments), so investing it in ultra-short-term assets is not a desirable option. Low long-term rates have a bigger impact, but that's a chicken-and-egg problem: the amount of institutional money seeking long-term returns exceeds the amount of safe assets, putting downward pressure on yields and pushing institutional money into riskier assets. This safe asset shortage is unrelated to the Federal Funds Rate on overnight lending.