Money‑market funds are shifting toward ultra short-term holdings and away from assets with even modest interest-rate risk as uncertainty grows over the Federal Reserve’s policy path and the near-term outlook for rates. Managers are trying to avoid a repeat of early 2022, when some were caught with relatively long-dated holdings ahead of what became one of the Fed’s fastest tightening cycles in decades. The experience has left them more reluctant to take interest-rate risk when the policy path is unclear.