With cash market volatility high and interest rates at historic lows, many institutional and retail investors are rethinking their short-term liquidity needs and reconsidering their cash-focused investment strategies. In this article, Jerome Schneider, head of PIMCO’s short-term and funding desk, and Paul Reisz, money market and enhanced cash product manager, provide their insights into the current landscape for short-term investors and offer some perspectives on PIMCO’s approach to this challenging new environment.