The Association for Financial Professionals (​AFP), which will be hosting its AFP25 Annual Conference in Boston October 26-​28, published a brief titled, "Liquidity in Flux: Prioritizing Safety in Uncertainty." They ask, "How are companies responding to today'​s uncertainties? According to the 2025 AFP Liquidity Survey, underwritten by Invesco, organizations managing short-​term investments are keeping safety a top priority. The results also highlighted a continued preference for traditional cash management vehicles, with interest-​bearing deposit accounts (​and time deposits) leading the pack, followed by government money market funds and treasury securities. In a companion webinar to the 2025 AFP Liquidity Survey, a panel of experts discussed the implications of the survey findings for treasury professionals. Tariffs and trade policy are new territory for many practitioners. Laurie Brignac, Chief Investment Officer for Invesco, underscored just how unusual this development is. '​This is the first time in my entire career [​30+ years] that we’​ve even talked about tariffs,' she said." The article tells us, "Marcel Santiz, Treasury Director for Masco Corporation, noted that his company expects tariffs to reduce cash flow through higher costs and weaker consumer demand. '​The overall cash impact is, we would expect to be down because we'​re paying tariffs that we were not paying before,' said Santiz. While they plan to maintain year-​end cash targets, tariffs and their impacts may reduce foot traffic at retail, which could result in headwinds." AFP explains, "Money market funds are enjoying historic levels. Assets recently reached $​7.​4 trillion, and panelist Peter Crane, President and Publisher, Crane Data, predicted …