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JPMorgan’s Michele Says It’s Time to Exit ‘Cash Trap’ and Move Into Bonds

(Bloomberg) -- It’s time to exit the “cash trap” of money market funds and move into bonds as the Federal Reserve is set to pause its rate-hike campaign and then cut as soon as September, according to Wall Street veteran Bob Michele.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonBiggest Losers of AI Boom Are Knowledge Workers, McKinsey SaysTrump Urges Prosecutors to Drop Case, Offers Defense PreviewKen Griffin Ramps Up Credit Bets, Anticipating US Re