In the week leading up to the Federal Reserve's policy meeting, US stock markets experienced significant outflows, marking the largest such movement since December 2022, as reported by BofA Michael Hartnett. According to data from the Investment Company Institute (ICI) and Bank of America (BofA) citing EPFR data, total money market fund assets decreased by $61.9 billion to $6.05 trillion for the week ended March 20th. Specifically, outflows from US equities totaled $22 billion and US small caps saw outflows of $5.9 billion, both the largest since November 2022. Concurrently, cash saw a $61.2 billion outflow, the largest since October 2023. Gold witnessed an inflow of $1.1 billion, the largest since May 2023, while bonds received $5.4 billion in inflows. Cryptocurrencies also experienced a minor outflow of $100 million. These financial movements come as the S&P 500 Index reached new all-time highs, amidst a backdrop of caution before Federal Reserve Chair Powell's dovish statement.