Millionaires are raising cash on fears that the Fed can’t tame inflation

> Nearly 40% of millionaires said they plan to make changes to their portfolio or have already made changes due to inflation, 44% said they have kept more money in cash, and 41% say they have purchased more fixed-rate investments. Of those surveyed, 35% said they have purchased equities, and 31% said they have sold equities due to inflation and its impact on certain sectors and stocks.

In order to protect against inflation, 44% of "millionaires" said they kept more money in cash?

How does that make any sense?

I think others are hinting at this, but I wanted to throw it in explicitly. Cash is a terrible hedge against inflation. It is, however, a good hedge against uncertainty, and can be shifted accordingly as time progresses. Liquidity is good when things are changing quickly.