If a "massive rate cuts that ignore inflation" were to occur (which is likely to happen next year), significant volatility in money market returns would initially impact liquidity. Then, as liquidity is restructured, investors might gradually reduce their exposure to risk-free assets during portfolio rebalancing. This, however, depends on whether inflation spirals out of control and whether "Trump's Fed" will TACO. However, it is certain that the average level of market uncertainty next year will likely be higher than this year.(BloFin Academy)