JPMorgan ChaseStrategists Teresa Ho, Alex Roever and Ryan Lessing say most money market funds have not yet reached the counterparty limit of the Fed's overnight reverse repos tool, so they may not have to adjust that threshold for now.

But if cash stays in short-term securities, they may have to adjust later this year.

However, if the Treasury's outlook for Treasury supply in the second half of 2021 is similar to that of JPMorgan strategists-about $540 billion-that would mean the Fed may not have to take that step.

In March, the Fed raised its counterparty limit from $30 billion to $80 billion because of the expansion of the dollar financing market.