Everyone's waiting for a rate cut. But the Fed has already made its big money move.

Core Insights - The article discusses the potential impact of a liquidity crunch similar to that of 2019 on money-market funds, suggesting they would be the first to be affected in such a scenario [1] Group 1 - A liquidity crunch could lead to significant disruptions in the financial markets, with money-market funds being particularly vulnerable [1] - The article highlights the interconnectedness of financial institutions and how a crisis in money-market funds could trigger broader economic issues [1] - Historical context is provided by referencing the 2019 liquidity crisis, illustrating the potential for similar events to recur [1]