A partial explanation is that money flows to money-market funds & CDs. Reference: https://wolfstreet.com/2025/09/12/money-market-funds-cds-americans-grow-their-

A partial explanation is that money flows to money-market funds & CDs. Reference: https://wolfstreet.com/2025/09/12/money-market-funds-cds-americans-grow-their-huge-piles-of-interest-earning-cash-further-despite-lower-yields/ https://wolfstreet.com/2025/09/12/money-market-funds-cds-ame... But let's not forget that is someone is selling stock and getting USD, someone else is buying and giving USD, so the overall effect may be limited.