The debate IIRC is somewhere between 3 month bill and and 1 year notes. MMFs that are majorly composed of overnight 1-day loans is so cash-money that when peop

The debate IIRC is somewhere between 3 month bill and and 1 year notes. MMFs that are majorly composed of overnight 1-day loans is so cash-money that when people say 'money' in finance, they usually mean MMFs. ------ Legally speaking, 3 month bills / loans to the government are considered so reliable, that they are considered money-within-a-week in various regulations. Like Savings accounts or Money Market accounts. IE: so many 3 month bills are being traded around, that it acts pretty damn like cash in practice, like real banking regulations. ------- Yes, there is a sliding scale of money/cash into 30 year loans. But financers call even 1 month stuffs basically money, pretty often. A MMF with overnight loans is absolutely more cash-like than anything else.