[fspeech]

"What I am aware of is that there's around 5-7 trillion that were moved from stocks to t-bills since the Fed raised rates in March 2022."

This doesn't make much financial sense. Since every T-Bill is held by someone the amount of T-Bill outstanding is completely determined by government issuance. And since the amount of T-Bill outstanding will only grow over time, no "money" will ever flow out of it. Now if you narrow you inclusion of T-Bill holders to a specific group of people the amount this group holds could certainly go up and down over time. But then I wonder how you know this group sold stocks to buy T-Bills, and why this is more significant than the action of their counterparties: every share they sold was bought by someone else after all.