Wall Street has been upbeat in the first half of 2023 despite a few occasional hiccups, mainly due to a less-hawkish Fed, better-than-expected corporate earnings and the AI mania. The U.S. Treasury yields have been on a surge lately, driven by expectations that the Fed will keep interest rates higher for longer to fight inflation. We believe cash and short-dated fixed income may play a greater role in adding stability to a portfolio.