U.S. pension funds are projected to sell approximately $19 billion in U.S. equities at the end of May 2025, marking one of the largest stock-to-bond rebalances since December 2018. According to Goldman Sachs data, this $19 billion sell-off ranks in the 89th percentile of all buy and sell estimates over the past three years and in the 85th percentile since January 2000 in terms of absolute dollar value. The month-end trading day on May 30 is anticipated to feature heightened market activity due to pension rebalancing, institutional trades, and 401(k) contributions. Market observers note that challenging conditions in the bond market may be prompting some pension funds to reduce their equity holdings. Despite some indications of pension buying activity, the dominant expectation remains a substantial equity sell-off as funds adjust their portfolios.