Cash feels like not deciding. It is a decision to take the short rate and to refuse the longer risks. When the short rate is high, the decision looks clever. When it falls, the same decision looks late. The cleverness was the rate, not the personality of the holder.
A bill yield, on a day it is published, is the compensation for that choice over that maturity. It is not a judgment on the stock market. People who call cash 'dry powder' are already narrating a future purchase. The bill itself does not require the purchase.