This is just a dumb take. Anyone who had 100k+ cash would not be sitting on 100k+ cash unless they need to use it in the short term. People who have 100k + ash are not dumb enough to not invest that money if they don't need it. Anyone sitting on 10k or less cash is not going to bother buying bonds. This mythical millions of people who has been holding a lot of cash in their bank account story is just BS.