I don't pay attention to MM or CD and all my cash sub is usually in HY munis. In 2018-9 I have used OPTAX and ORNAX. Sure, I know the risk and volatility and still invest in HY Munis. I invested usually at 99+% in stocks+bond OEFs and none are cash,MM,CD investments. I just keep several thousand which is about 2 months of our expense in the last 30 years while I was working and now at retirement. If we need more I just sell shares.

In comparison, my three step CD Ladder has a current yield of 2.6%.

@Old_Skeet,
Where did you find CD ladder with 2.6% yield? Many brokerage such as Fidelity offers 5 years ladder (4 CDs) with 1.88%. A sizable reduction after Fed rate cut.

Hey Ted and Hank,
A powerful reminder about the advantages and disadvantages of bond convexity, yes?
Brian

So that’s what Grant is talking about? I don’t pretend to understand convexity, but am working on it. I gather it’s a somewhat sophisticated way of saying that “Things ain’t always what they seem ...” when it comes to bonds, rates and risk.
For the curious ...

https://www.google.com/search?sxsrf=ACYBGNS3Ym7r7PLgbsnjFsE_5hVU5-X1Bw:1569766833609&ei=sb2QXfLcJMKUtQWnzLroCg&q=Income+annuities+provide+retirees+longevity+protection+investment+news&oq=Income+annuities+provide+retirees+longevity+protection+investment+news&gs_l=psy-ab.3...15004.20033..20410...0.2..0.172.1524.11j5....2..0....1..gws-wiz.......0i71j35i302i39j33i299j33i160j33i10.U2CSo_ilk_I&ved=0ahUKEwiy-fyTnfbkAhVCSq0KHSemDq0Q4dUDCAo&uact=5
Or for anyone interested in even a small bit of professionalism: The article

I think that's pretty good for a $ 41 billion fund.

Hearsay | Definition of Hearsay at Dictionary.com
https://www.dictionary.com/browse/hearsay
Nov 21, 2014 · Hearsay definition, unverified, unofficial information gained or acquired from another and not part of one's direct knowledge: I pay no attention to hearsay. See more.

But now, since late last week, this impeachment thing is finally serious. And finally, Nancy's on board, even leading the charge, after the Ukraine revelations. Was she just waiting for something that was so clear and unmistakable that the American public wouldn't NEED to have much explained to them about what happened? Because the average American voter has no attention span, has never been taught anything resembling Critical Thinking, and depends upon sensationalist boilerplate headlines to stay "informed?" Not to mention the dumbed-down standards in schools, which means that graduates matriculate with literally quite a bit less knowledge than previous generations? I personally know people who never even heard of the Electoral College, let alone the European Union... And there is an element of solid Trumpster supporters who will not be swayed, even if he should murder his own wife:
https://www.nbcnews.com/think/opinion/white-evangelicals-love-trump-aren-t-confused-about-why-no-ncna1046826

Like the USA, Canada Savings Bonds offer risible interest rates to the lender. Canada offers a tax-free savings account via many banks and maybe credit unions. Last time I checked on THAT, they were offering less than 1%. Clearly, those are intended for people who have all the other possible investing bases covered. Here's a silly little anecdote which I believe is very telling: Canada has done away with the penny. When you get change for your purchase at the store, it will be ROUNDED up or down to the nearest nickel. ...Which reminds me of a conversation I had with my friend up there just a couple of weeks ago: I understand that currency exchange rates change all the time. But lately, with $1 US, you can get about $1.33 CAD. What I DON'T understand is why the same thing does not work in reverse: Why isn't the Canadian dollar worth sixty seven cents in US currency? Posted rates put it at about seventy five cents US. ORK???? Who has an answer for me?

@MFO Members: So the rest of us can read the article.
Regards,
Ted
https://www.google.com/search?sxsrf=ACYBGNS3Ym7r7PLgbsnjFsE_5hVU5-X1Bw:1569766833609&ei=sb2QXfLcJMKUtQWnzLroCg&q=Income+annuities+provide+retirees+longevity+protection+investment+news&oq=Income+annuities+provide+retirees+longevity+protection+investment+news&gs_l=psy-ab.3...15004.20033..20410...0.2..0.172.1524.11j5....2..0....1..gws-wiz.......0i71j35i302i39j33i299j33i160j33i10.U2CSo_ilk_I&ved=0ahUKEwiy-fyTnfbkAhVCSq0KHSemDq0Q4dUDCAo&uact=5

https://globalnews.ca/news/5944687/investing-income-retirement-dividends-cash/t
Investing 101
What’s the best way to generate cash from your investments in retirement?
For most of your adult life, one of the challenges of managing money is slicing off a piece of your paycheque and adding that to investments that will, hopefully, grow your nest egg over time.

https://www.investmentnews.com/article/20190928/FREE/190929941/income-annuities-provide-retirees-longevity-protection
Income annuities provide retirees longevity protection
Though the discussion in this chapter could be applied to any annuity offering lifetime income benefits, the focus for now returns to income annuities to keep the discussion more manageable.

Hello:
My sleeve of money market mutual funds over the past year has had an average TTM yield of 2.2% with its 30 day current yield computed to be 2.16%.
In comparison, my three step CD Ladder has a current yield of 2.6%.
I'm now keeping very little invested in my broker's cash account due to its low yield of 0.55%; but, it beats what my bank is paying at 0.12% on my savings account.

@Mark was right !!!
https://www.washingtonpost.com/national-security/state-dept-intensifies-email-probe-of-hillary-clintons-former-aides/2019/09/28/9f15497e-e1f2-11e9-8dc8-498eabc129a0_story.html

That is surprising that Ameritrade doesn't have a MM to stash cash. Schwab's MM, SWVXX, continues to drop. It's at 1.84% now. Was at least a 1/2% more earlier this year.

I'm getting 1.77% in SPAXX for cash balances in my Fidelity brokerage.

@msf: I believe my brick & mortar will do this also. If you transfer money on Monday it would be available Tuesday. Is this considered 1 or 2 days ?
Thanks for the VG tip.
Derf

Don't just call it a 0.03% rate cut. Hype it, like index funds do when comparing their ERs. It's not a 0.03% reduction, it's a 60% drop in interest paid, from 0.05% to 0.02% for balances between $25K and $100K.
https://www.tdameritrade.com/pricing/margin-and-interest-rates.page
Like rforno, I've been using short term T-bills for cash. But even those yields have been dropping fast. Given that one can usually move cash from an internet bank to a brokerage in a day via ACH (for investment, not withdrawal), that seems like a good way to go for the moment.
If you like Treasuries (e.g. you're living in a high income tax state) and can meet the high $50K min, Vanguard's Treasury MMF VUSXX is currently paying 1.93% (SEC yield), with an APY of 1.95%. A problem with Vanguard is that they don't let you pull the cash from there into your TD Ameritrade (or other brokerage) account. Rather, you have to push from the Vanguard side, which means that access to the cash takes a bit longer.
https://investor.vanguard.com/mutual-funds/profile/VUSXX

"Loophole" is a loaded word that IMHO is being misused here. Since ETFs trade on exchanges they don't exactly fit into the 1940 Investment Company Act's rules for OEFs. That Act allows them to individually apply for "exemptive relief" so that ETFs can operate despite the incompatible rules.
If that procedure is a "loophole", then what they're getting is a gaping hole. That's because starting now most ETFs get to do the same thing they've always been doing, except without having to ask for permission. It's now automatic.
Nor has the exemption procedure (the so called "loophole") been eliminated. Leveraged ETFs, ETFs structured as UITs, and Vanguard patented ETFs (structured as share classes of OEFs) still have to go through this procedure. So the procedure is still available. Just not often needed.
Note that this new rule is available only for funds that are willing to disclose holdings daily. Currently, passively managed funds need only disclose quarterly, like OEFs. That option remains, but those ETFs wanting to disclose less than daily will still have to seek "exemptive relief" - using ye olde "loophole".
SEC press release: https://www.sec.gov/news/press-release/2019-190
SEC final rule: https://www.sec.gov/rules/final/2019/33-10695.pdf

Sigh. And they make it cumbersome to use cash-like ETFs or funds to hold cash b/c they'll charge short-term redemption fees, even if they're on the NTF list. I've since gone to using t-bills for cash, just on principle, as a way of saying f-you to them.
And yes they do offer 'proprietary' funds and other funds with higher yields for those holding $1M or more in cash....though the latter ones still get hit with the short-term redemption fees, I understand.