Positive political surprises could be the impetus for idle cashto begin creating a virtuous cycle of more jobs and higher equity returns begetting consumption and even greater job creation.
However, these ETFs continue tocycle their cash as bonds expire, choosing new muni investments, and adding the element of choice relating to the decisions of the managers and the underlying indexes.
Sometimes it may be best for companies to hoard cash at the top of the stock-market cycle and use it in the next trough to buy back shares at a discount.